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STORY: IMF / ZIMBABWE TUNISIA BITCOIN
TRT: 02.35
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS
DATELINE: 30 NOVEMBER 2017 WASHINGTON, DC / RECENT
RECENT - WASHINGTON, DC
1. Wide shot, exterior IMF Headquarters
30 NOVEMBER 2017 WASHINGTON, DC
2. Wide shot, press conference
3. SOUNDBITE (English) Gerry Rice, Spokesman, IMF:
“Zimbabwe faces severe economic challenges on a number of fronts. So, restoring growth will require concerted efforts to tackle the fiscal deficit, to complement that with structural reforms, and so on.”
4. Med shot, reporters
5. SOUNDBITE (English) Gerry Rice, Spokesman, IMF:
“We stand ready to support the authorities in their efforts to design policies that can indeed restore stability and growth. And moreover, in addition to a strong and coherent reform program we see a concerted international effort will be required to revive and reintegrate the Zimbabwean economy.”
6. Med shot, reporters
7. SOUNDBITE (English) Gerry Rice, Spokesman, IMF:
“An IMF financial arrangement, for example, would only be possible after progress in resolving Zimbabwe's arrears to other international financial institutions and other creditors.”
8. Med shot, reporters
9. SOUNDBITE (English) Gerry Rice, Spokesman, IMF:
“I'd like to take this opportunity to clarify the IMF has never recommended reducing food subsidiaries in Tunisia under the current program. I just wanted to clarify that. Efforts to reduce the budget deficit and avoid high public debt from an increasing further should focus, we believe, on limiting the growth of the public wage bill; reducing energy subsidiaries; and implementing tax reforms that distribute the burden of adjustment more equally among the population. We believe public investment and social spending should be protected.”
10. Med shot, reporters
11. SOUNDBITE (English) Gerry Rice, Spokesman, IMF:
“There's a need for a balanced assessment of crypto currencies. In our view, crypto currencies, including ICOs; including the initial claim offerings should be subject to appropriate regulation and supervision. A key challenge for country authorities would be to contain risks without stifling the innovation associated with crypto currencies.”
RECENT - WASHINGTON, DC
12. Wide shot, exterior IMF Headquarters
IMF spokesman, Gerry Rice, told reporters today (Nov30) in Washington, that the Fund stands ready to help Zimbabwe restore growth and stability after the ousting of long-time president Robert Mugabe.
Rice said “Zimbabwe faces severe economic challenges on a number of fronts. So, restoring growth will require concerted efforts to tackle the fiscal deficit, to complement that with structural reforms, and so on.”
Rice added “we stand ready to support the authorities in their efforts to design policies that can indeed restore stability and growth. And moreover, in addition to a strong and coherent reform program we see a concerted international effort will be required to revive and reintegrate the Zimbabwean economy.”
A team of IMF experts will be traveling to Harare next week on a previously scheduled visit to assess the economy of Zimbabwe. The Fund hopes to meet the new cabinet being put in place.
But new money from the IMF can’t be provided under IMF rules until several preconditions are met, including resolving arrears of roughly $2 billion to the World Bank, Africa Development Bank and the EIB.
Rice said, “an IMF financial arrangement, for example, would only be possible after progress in resolving Zimbabwe's arrears to other international financial institutions and other creditors.”
The spokesperson took an opportunity to set the record straight about the IMF’s position on food subsidies in Tunisia, after some media outlets suggested recent cuts to bread subsidies was done at the urging of the Fund.
Rice said, “efforts to reduce the budget deficit and avoid high public debt from an increasing further should focus, we believe, on limiting the growth of the public wage bill; reducing energy subsidiaries; and implementing tax reforms that distribute the burden of adjustment more equally among the population.”
He said, “we believe public investment and social spending should be protected.”
And after a week of volatility in Bitcoin pricing, Rice was asked about the IMF’s stance on cryptocurrencies and the need to shape regulations over the sector.
Rice said “there's a need for a balanced assessment of crypto currencies. In our view, crypto currencies, including ICOs; including the initial claim offerings should be subject to appropriate regulation and supervision.”
He added that “a key challenge for country authorities would be to contain risks without stifling the innovation associated with crypto currencies.”
