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STORY: IMF / LATIN AMERICA VENEZUELA
TRT: 1:03
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS
DATELINE: 21 APRIL 2017, WASHINGTON DC
21 APRIL 2017, WASHINGTON DC
1. Wide shot, IMF briefing of Western Hemisphere Department
2. Wide shot, reporters in briefing
3. SOUNDBITE (English) Robert Rennhack, Deputy Director, Western Hemisphere Department, International Monetary Fund (IMF):
“The spillovers have been limited so far and we think they will continue to be limited. I mean, Venezuela’s GDP has fallen by about 25 percent or so in the last two to three years. And, the trade links between Venezuela and its neighbors are relatively limited. They used to be a major trading partner with Colombia, but those trade shares have come way down in the last five or six years or more. The financial linkages are not very strong. Each country seems to have financial linkages with the United States, Colombia, with Central America but Venezuela doesn’t have any direct financial linkages with the rest of the region. So, I think because those two channels are not very large, I wouldn’t see a large spillover effect.”
4. Med shot, reporters in briefing
7. Wide shot, end of briefing
The International Monetary Fund discussed regional economic issues in Latin America and the Caribbean on Friday, saying the region is recovering, though slowly. The region is trailing many others amid a global recovery, according to the IMF’s Western Hemisphere Department.
Venezuela represents a trouble spot, though fears of spillovers to neighbors should be tempered, said Robert Rennhack, Deputy Director, Western Hemisphere Department, IMF.
He said, “The spillovers have been limited so far and we think they will continue to be limited. I mean, Venezuela’s GDP has fallen by about 25% or so in the last two to three years. And, the trade links between Venezuela and its neighbors are relatively limited. They used to be a major trading partner with Colombia, but those trade shares have come way down in the last five or six years or more.”
Rennhack added, “The financial linkages are not very strong. Each country seems to have financial linkages with the United States, Colombia, with Central America but Venezuela doesn’t have any direct financial linkages with the rest of the region. So, I think because those two channels are not very large, I wouldn’t see a large spillover effect.”
