Media Home
UN Web TV
UN Audiovisual Library
UN PhotoIMF / CHINA EUROPE TUNISIA
Download
There is no media available to download.
Share
STORY: IMF / CHINA EUROPE TUNISIA
TRT: 02:45
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS
DATELINE: 29 MARCH 2018, WASHINGTON DC
FILE - NEW YORK CITY
1. Med shots, IMF building exterior
29 MARCH 2018, WASHINGTON DC
2. Wide shot, Rice approaching podium
3. SOUNDBITE (English) Gerry Rice, Spokesperson, International Monetary Fund (IMF):
“We're actually proposing a limit, a cap, on how much countries need to contribute in total, so there is a cap on that. There is also a limit, a cap, on how much a country can receive. So just by way of clarification, I mentioned those points.”
4. Med shot, journalists
5. SOUNDBITE (English) Gerry Rice, Spokesperson, International Monetary Fund (IMF):
“The bottom line is that we think a central fiscal capacity could indeed be an important element of strengthening the Eurozone going forward. We estimate that such a fiscal capacity along the lines that we have proposed could reduce the negative effects on output during a downturn by more than 50 percent. So, it is significant and the costs are relatively moderate around 0.35 percent GDP.”
6. Med shot, journalists
7. SOUNDBITE (English) Gerry Rice, Spokesperson, International Monetary Fund (IMF):
“We think it's a very important initiative that we think it can foster regional cooperation including in, in trade and investment, and finance, and it could indeed make a very significant contribution in terms of infrastructure, connectivity to countries and, again, all of this supporting trade and growth. On the other hand, we've also said, you know, like other major initiatives of this type, it can entail risks including issues of debt sustainability and spill-overs to other countries; as well as, you know, risks for China including credit risk. So, the key is to balance, obviously, the potential benefits which we see with the potential risks.”
8. Med shot, journalists
9. SOUNDBITE (English) Gerry Rice, Spokesperson, International Monetary Fund (IMF):
“We think that the more frequent reviews will also send a positive signal to the international community and to investors in terms of Tunisia's macroeconomic policies and their implementation.”
FILE - NEW YORK CITY
10. Wide shot, IMF building exterior
An International Monetary Fund (IMF) spokesperson said the Fund was proposing increased fiscal and banking integration in Europe, and part of that goal is creating a ‘rainy day fund’ for countries to draw on as a sort of insurance policy.
Speaking to reporters in Washington today (29 Mar), IMF spokesperson Gerry Rice said the IMF-proposed fund, known as Central Fiscal Capacity (CFC) would allow euro zone countries to save money in good times and use it when the next economic downturn hits, with features to avoid permanent transfers.
The proposal was put forth in a speech Monday in Berlin by IMF Managing Director Christine Lagarde. Rice made it clear that the proposed fund is different from the ESM, which helps countries during a crisis and would include caps to payments as well.
SOUNDBITE (English) Gerry Rice, Spokesperson, International Monetary Fund (IMF):
“We're actually proposing a limit, a cap, on how much countries need to contribute in total, so there is a cap on that. There is also a limit, a cap, on how much a country can receive. So just by way of clarification, I mentioned those points.”
Rice said the IMF thinks a CFC could “indeed be an important element of strengthening the Eurozone going forward” and estimates that such a fiscal capacity “could reduce the negative effects on output during a downturn by more than 50 percent.” He added, “It is significant and the costs are relatively moderate around 0.35 percent GDP.”
The IMF spokesperson also announced that Managing Director Christine Lagarde will attend a series of events in China from April 9 to April 12. She will spend two days at the BOAO Forum, then hold the regular Spring Meetings ‘curtain raiser’ agenda setting speech at Hong Kong University on April 12. She will also attend a joint IMF-People’s Bank of China conference on China’s ‘Belt and Road Initiative’ on April 13.
Rice said the Belt and Road initiative is a very important initiative which could “foster regional cooperation including in, in trade and investment, and finance, and it could indeed make a very significant contribution in terms of infrastructure, connectivity to countries and, again, all of this supporting trade and growth.”
Rice said that finding a balanced approach to investment spending is key to the success of the programme aimed at funding development among China’s economic partners. He said, “Like other major initiatives of this type, it can entail risks including issues of debt sustainability and spill-overs to other countries; as well as, you know, risks for China including credit risk; so, the key is to balance, obviously, the potential benefits which we see with the potential risks.”
On Tunisia, Rice announced that the country would be getting its agreed upon disbursement of aid funding from the IMF following a Board meeting last week. He said there was agreement to disburse another instalment under the extended fund facility which is bringing total disbursements by the IMF to Tunisia under this arrangement to well over $900 million.
Rice said Tunisia had agreed to more frequent review of its progress which should bolster international lenders’ confidence toward the country.
SOUNDBITE (English) Gerry Rice, Spokesperson, International Monetary Fund (IMF):
“We think that the more frequent reviews will also send a positive signal to the international community and to investors in terms of Tunisia's macroeconomic policies and their implementation.”
The IMF spokesperson underlined however that overall disbursements available throughout the programme remained unchanged.
