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STORY: IMF / LAGARDE
TRT: 2:44
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGES: ENGLISH / NATS
DATELINE: 6 OCTOBER 2016, WASHINGTON DC / RECENT
RECENT – WASHINGTON DC
1. Wide shot, International Monetary Fund (IMF) building
6 OCTOBER 2016, WASHINGTON DC
2. Wide shot, conference room
3. Med shot, journalists
4. SOUNDBITE (English) Christine Lagarde, Managing Director, International Monetary Fund (IMF):
“We know that globalization has worked over the years, that it has delivered great benefits to many people. We don’t think that it is time to push against it. And, we believe that it is time to actually push forward with what we know has worked, but it needs to be slightly different. It cannot be that push for trade as we have seen it historically. The inclusiveness, the determination to make it work for all and to pay attention to those that are at risk of being left out, whether it is a result of technology, digital economy or international trade by modification of supply chains. That factor has to be taken into account.”
5. Close up, reporter asking question
6. SOUNDBITE (English) Christine Lagarde, Managing Director, International Monetary Fund (IMF):
“If there is one message here, it’s that all policies -- monetary, fiscal structural reforms have to come together. It cannot just be left to the central bankers, which have used many unconventional tools, which have explored uncharted territories and so far for the benefit of the economies.”
7. Wide shot, reporters
8. SOUNDBITE (English) Christine Lagarde, Managing Director, International Monetary Fund (IMF):
“The new agreements that are being signed this week will run at least through the end of 2019 and will continue to serve as a third line of defense. As you know, the first line of defense is quota, second line is new arrangements to borrow. Third line of defense will be those bilateral loans. We have, so far, received pledges of $344 billions from 26 members.”
9. Close up, reporter asking question
10. SOUNDBITE (English) Christine Lagarde, Managing Director, International Monetary Fund (IMF):
“We did celebrate around the world the inclusion of the renminbi in the special drawing right basket. It means two things. One, we can use the renminbi as one of the currencies in which we at the IMF and all the membership conduct financial transactions amongst ourselves. Central banks can use it. The BIS is certainly operational in renminbi. That’s one thing. Second, it certainly anchors the Chinese economy in the group of large, international, open economies in the world.”
11. Wide shot, reporters
12. Wide shot, conference room
The International Monetary Fund (IMF) today urged world leaders to cooperate to promote sustainable growth that improves the lives of all, and nations not to turn away from trade.
Speaking at the IMF-World Bank joint annual meetings today (6 Oct) in Washington DC, IMF’s managing director Christine Lagarde said “we know that globalization has worked over the years, that it has delivered great benefits to many people. We don’t think that it is time to push against it. And, we believe that it is time to actually push forward with what we know has worked, but it needs to be slightly different. It cannot be that push for trade as we have seen it historically. The inclusiveness, the determination to make it work for all and to pay attention to those that are at risk of being left out, whether it is a result of technology, digital economy or international trade by modification of supply chains. That factor has to be taken into account.”
IMF reports that despite signs of recovery and resilience in some economies, global growth continues to disappoint, with the expected pick-up driven primarily by emerging markets. This persistent underperformance has exposed complex underlying trends in many countries—including the difficulty for some groups to adjust to rapid changes in the global economy.
Lagarde said growth has been too low, for too long and benefitted too few. She prescribed a comprehensive policy mix.
She said “if there is one message here, it’s that all policies -- monetary, fiscal structural reforms have to come together. It cannot just be left to the central bankers, which have used many unconventional tools, which have explored uncharted territories and so far for the benefit of the economies.”
Lagarde announced at the meeting that the IMF and member nations had reached agreements to maintain its lending capacity of close to $1 trillion.
She said “the new agreements that are being signed this week will run at least through the end of 2019 and will continue to serve as a third line of defense. As you know, the first line of defense is quota, second line is new arrangements to borrow. Third line of defense will be those bilateral loans. We have, so far, received pledges of $344 billions from 26 members.”
She also praised the recent inclusion of the Chinese renminbi (RMB) to the basket of currencies that make up the Special Drawing Right, or SDR.
She said “we did celebrate around the world the inclusion of the renminbi in the Special Drawing Right basket. It means two things. One, we can use the renminbi as one of the currencies in which we at the IMF and all the membership conduct financial transactions amongst ourselves. Central banks can use it. The BIS (Bank of International Settlements) is certainly operational in renminbi. That’s one thing. Second, it certainly anchors the Chinese economy in the group of large, international, open economies in the world.”
The SDR is an international reserve asset created by the IMF in 1969 to supplement its member countries’ official reserves.
