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STORY: IMF / INDIA
TRT: 2:10
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS
DATELINE: 2 DECEMBER 2010, NEW DELHI, INDIA
1. Wide shot, IMF Managing Director Dominique Strauss-Kahn walks to podium
2. Cutaway journalists
3. SOUNDBITE (English) Dominique Strauss-Kahn, Managing Director, IMF:
“The main challenge now is to use the fruits of this high growth to come back on track on the fiscal side: reducing the debt. This crisis has shown that you need to have a fiscal buffer. It’s time to rebuild the buffer. You don’t know when the next crisis will take place.”
4. Cutaway journalists
5. SOUNDBITE (English) Dominique Strauss-Kahn, Managing Director, IMF:
“Now the question is the situation in Europe, it has two components. One is low growth – our forecasts are around two percent, and that’s not enough. The second thing is the high level of debt, because most of these countries have a high level of debt.”
6. Cutaway journalists
7. SOUNDBITE (English) Dominique Strauss-Kahn, Managing Director, IMF:
“The whole Euro-zone must deal with medium term fiscal consolidation. The ECB is doing its job and the institution that has been built, the EFSF, the European Financial Stability Mechanism, will work as expected for Ireland. I’m concerned about the situation in Europe, but I think the European authorities are able to keep it under control.”
8. Cutaway journalists
The head of the IMF, Dominique Strauss-Kahn, has praised the Indian authorities’ handling of the economy during the global economic crisis, and expressed support for their response to the large capital inflows which have poured into country over the past year.
Strauss-Kahn noted that India’s rapid growth, which the IMF forecasts at 9.7 per cent in 2010, has made it a driving force of the global economic recovery.
“The main challenge now is to use the fruits of this high growth to come back on track on the fiscal side: reducing the debt. This crisis has shown that you need to have a fiscal buffer. It’s time to rebuild the buffer. You don’t know when the next crisis will take place,” Strauss-Kahn said.
The IMF Managing Director was speaking during a trip to New Delhi, where he held talks with the Indian Prime Minister, Manmohan Singh and the country’s finance minister, Pranab Mukherjee.
Strauss-Kahn ended his visit with a press conference where he addressed the European debt crisis.
“Now the question is the situation in Europe, it has two components. One is low growth – our forecasts are around 2%, and that’s not enough. The second thing is the high level of debt, because most of these countries have a high level of debt,” Strauss-Kahn said.
Strauss-Kahn expressed his confidence that the European Central Bank is taking the necessary steps to stabilize debt markets.
“The whole Euro-zone must deal with medium term fiscal consolidation. The ECB is doing its job and the institution that has been built, the EFSF, the European Financial Stability Mechanism, will work as expected for Ireland. I’m concerned about the situation in Europe, but I think the European authorities are able to keep it under control,” Strauss-Kahn said.
The IMF Managing Director next travels to Brussels for the IMF’s regular check-up on the economic health of the Eurozone, which the IMF calls its Article IV consultations.
