WASHINGTON DC/IMF BRIEFING

The IMF said that it has not had discussions with the Ukrainian authorities over the past two weeks. The Fund said it welcomed the US budget agreement and also provided updates on Portugal and Argentina. IMF

 

• Categories: News & Features / News Stories / Unifeed
• Video Length: 00:03:11
• Production Date: 12 December 2013
• Asset Language: Original
• Corporate Name: INTERNATIONAL MONETARY FUND - IMF
• Subject Topical: ECONOMIC DEVELOPMENT; FINANCING; ECONOMIC CONDITIONS
• Geographic Subject: ARGENTINA; UNITED STATES; PORTUGAL; UKRAINE
• MAMS Id: U131212h

Description

STORY: WASHINGTON DC/IMF BRIEFING
TRT:3:11
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH/NATS

DATELINE: 12 DECEMBER 2013, WASHINGTON DC /RECENT

Shotlist

WASHINGTON DC - RECENT

1.Exterior, IMF

12 DECEMBER 2013, WASHINGTON DC

2.SOUNDBITE (English) Gerry Rice, IMF Spokesman:
“We welcome the agreement reached by the budget conference committee, an encouraging sign of renewed bipartisanship. If approved by Congress, it would eliminate the possibility of another standoff for two years and provide partial relief from the sequester.”
3.Cutaway, reporters
4.SOUNDBITE(English) Gerry Rice, IMF Spokesman:
“There have been no discussions between the IMF and the Ukrainian authorities in the last two weeks.”
5.Cutaway, reporters
6.SOUNDBITE(English) Gerry Rice, IMF Spokesman:
“We stand ready to continue the discussions on these matters and support economic reforms in Ukraine.”
7.Cutaway, reporters
8.SOUNDBITE(English) Gerry Rice, IMF Spokesman:
“Reasonable assumptions were made at the beginning of the program in Portugal and changes and adjustments have been made as the program has progressed. In Portugal, for example, where the fiscal deficit targets under the program were relaxed in order to strike a balance between the impact of austerity on growth and the need for fiscal adjustment, and as is the case in Greece to try and restore growth and jobs.”
9.Cutaway, reporters
10.SOUNDBITE(English) Gerry Rice, IMF Spokesman:
“We have regular contact with the authorities in the context of the data issues that we discussed previously including with the new minister of the economy. I would say our dialog with the authorities has been constructive and we look forward to continuing it and we welcome any opportunity to of course, improve our dialog with Argentina on economic policies. For now, our work has been focused on the data issues.”
11.Cutaway, reporters
12.SOUNDBITE(English) Gerry Rice, IMF Spokesman:
“Staff teams of the European Commission, the ECB, and the IMF returned to Athens this week to continue discussions with the authorities that could serve as the basis for the completion of the fifth review of the program. This will be followed by a full negotiating team to return to Athens in January.”
13.IMF seal

Storyline

In its regular briefing, the International Monetary Fund welcomed the $85 billion U.S. budget agreement expected to be voted on in the House of Representatives Tuesday. IMF spokesman Gerry Rice said that although it doesn’t tackle long-term fiscal issues, it will avoid another budget standoff in January.

“We welcome the agreement reached by the budget conference committee, an encouraging sign of renewed bipartisanship. If approved by Congress, it would eliminate the possibility of another standoff for two years and provide partial relief from the sequester,” Rice said.

In the Ukraine, pro-European Union protesters continue to camp out in the center of Kiev over President Viktor Yanukovich’s decision not to sign an E.U. association agreement.
Yanukovich has pledged to restore Ukraine’s economy and restart financing talks with the IMF--a demand by the opposition. Rice said that no discussions have been held as yet.

“There have been no discussions between the IMF and the Ukrainian authorities in the last two weeks,” Rice said.

An IMF mission last visited Ukraine as part of its annual check-up of the economy, known as the Article IV, in October. Rice said that the Fund remains open to further talks.

“We stand ready to continue the discussions on these matters and support economic reforms in Ukraine,” Rice said.

When asked about IMF estimates of the effect of austerity on growth, Rice said that in the case of both Greece and Portugal, the programs are constantly being revised and refined to take into account the latest information.

“Reasonable assumptions were made at the beginning of the program in Portugal and changes and adjustments have been made as the program has progressed. In Portugal, for example, where the fiscal deficit targets under the program were relaxed in order to strike a balance between the impact of austerity on growth and the need for fiscal adjustment, and as is the case in Greece to try and restore growth and jobs,” Rice said.

This week, the IMF announced that it is putting in place a new timetable to give Argentina more time to complete work on new systems to measure inflation and growth. Argentina’s data has been questioned by the IMF and many other international organizations. However, Rice said that reports that the IMF is asking to return for new Article IV consultations are incorrect.

“We have regular contact with the authorities in the context of the data issues that we discussed previously including with the new minister of the economy. I would say our dialog with the authorities has been constructive and we look forward to continuing it and we welcome any opportunity to of course, improve our dialog with Argentina on economic policies. For now, our work has been focused on the data issues,” Rice said.