IMF / EMERGING MARKETS

The IMF said that it is closely monitoring global market developments and rising oil prices. The statement comes as emerging markets have experienced market volatility over expected changes in U.S. Federal Reserve policy and rising oil prices in anticipation of the escalating conflict inSyria. IMF

• Categories: News & Features / News Stories / Unifeed
• Video Length: 00:01:19
• Production Date: 29 August 2013
• Asset Language: Original
• Corporate Name: INTERNATIONAL MONETARY FUND - IMF
• Subject Topical: ECONOMICS; ECONOMIC CONDITIONS
• Geographic Subject: UNITED STATES
• MAMS Id: U130829c

Description

STORY: IMF/ EMERGING MARKETS
TRT: 1:19
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS

DATELINE: 29 AUGUST, 2013 WASHINGTON, DC

Shotlist

WASHINGTON, DC – RECENT

1. Wide shot, exterior, IMF

WASHINGTON, DC – 29 AUGUST, 2013

2. SOUNDBITE (English) Gerry Rice, Director, Communications, IMF:
“All countries are different. Policy responses are different. What is key and what the Fund has been advising is that countries focus on policies, on the fundamentals that are needed to promote stability and to promote growth.”
3. Cutaway, reporters
4. SOUNDBITE (English) Gerry Rice, Director, Communications, IMF:
“The combination of large fiscal and current account deficits, high and persistent inflation, sizeable unhedged corporate foreign borrowing, and reliance on portfolio inflows are long-standing vulnerabilities that have now been elevated as global liquidity conditions tighten. This clearly has affected market confidence. The current situation presents a challenge to the government of India, but also an opportunity for the government to continue in its policy effort on a variety of fronts.”
WASHINGTON, DC – RECENT

5. Wide shot, exterior, IMF

Storyline

The International Monetary Fund said Thursday that it is closely monitoring global market developments and rising oil prices. The statement comes as emerging markets have experienced market volatility over expected changes in U.S. Federal Reserve policy and rising oil prices in anticipation of an escalating conflict in Syria.

Without naming specific countries, spokesman Gerry Rice said there’s no one-size-fits-all policy that will help countries cope with the volatility.

“All countries are different. Policy responses are different. What is key and what the Fund has been advising is that countries focus on policies, on the fundamentals that are needed to promote stability and to promote growth,” Rice said.

India’s currency has touched record lows this week and the rupee is the worst-performing currency this year among emerging markets. Rice said that India faces a specific set of challenges.

“The combination of large fiscal and current account deficits, high and persistent inflation, sizeable unhedged corporate foreign borrowing, and reliance on portfolio inflows are long-standing vulnerabilities that have now been elevated as global liquidity conditions tighten. This clearly has affected market confidence.

The current situation presents a challenge to the government of India, but also an opportunity for the government to continue in its policy effort on a variety of fronts,” Rice said.