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STORY: TOKYO / IMFC
TRT:1.54
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS
DATELINE: 13 OCTOBER 2012, TOKYO, JAPAN
Tokyo – October 13, 2012
1. Pan right, IMF Managing Director Christine Lagarde taking seat at The International Monetary and Financial Committee (IMFC) meeting
2. Pan right, from photographers to Lagarde and Tharman Shanmugaratnam, Singapore Finance Minister and IMFC Chair
3. Zoom out, Lagarde with her fan with the emblem for Annual Meetings in Tokyo
4. Zoom out, Japanese Finance Minister Koriki Jojima taking seat
5. Close up, Lagarde speaking with First Deputy Managing Director David Lipton and IMF External Relations Department Director Gerry Rice
6. Wide shot, International Monetary and Financial Committee meeting
7. Med shot, Lagarde speaking during IMFC meeting
8. Wide shot, IMFC press briefing
9. Tilt up, Lagarde speaking at briefing
10. Med shot, reporters
11. SOUNDBITE (English) Christine Lagarde, Managing Director, IMF:
“A very strong commitment to policy implementation. And you have to know that, as part of my job, I have to understand what we need to do, and I have to have some views and make some recommendations as to what the members can do in order to improve the overall economic situation, consolidate recovery and create jobs.”
12. Close up, photographer
13. SOUNDBITE (English) Christine Lagarde, Managing Director, IMF:
“I have a sense of a renewed commitment to actually implement those policies. So much so, that at the next IMFC meeting, that will take place in the spring, at the time of the spring meetings, we will actually check what we have committed to do and what we have done, so that there is accountability amongst ourselves.”
14. Close up, reporter asking question
15. SOUNDBITE (English) Christine Lagarde, Managing Director, IMF:
“We have a Poverty Reduction and Growth Trust fund that needed to be replenished and for which we needed a 90% majority in order to begin using the windfall profit of the gold sale. Well, that is done.”
16. Close up, reporters
17. Med shot, IMF officials at end of briefing
18. Wide shot, end of briefing
Against a backdrop of slowing global growth and a renewed loss of confidence, the IMF is urging policymakers to implement policies agreed in recent months as part of efforts to rekindle growth and spur job creation.
At the Annual Meetings in Tokyo, the IMF’s policy steering committee called on its members to act decisively to break negative feedback loops and restore the global economy to a path of strong, sustainable and balanced growth.
Managing Director Christine Lagarde spoke of what she described as a “very strong commitment to policy implementation” in the deliberations and focused on the willingness of the membership to undertake credible medium-term fiscal consolidation.
“And you have to know that, as part of my job, I have to understand what we need to do, and I have to have some views and make some recommendations as to what the members can do in order to improve the overall economic situation, consolidate recovery and create jobs,” she added.
Among other policy prescriptions, The International Monetary and Financial Committee (IMFC) urged advanced economies to pursue “implementation of credible medium-term fiscal consolidation plans remains critical in many advanced economies.”
The IMFC said that emerging market and developing countries “will need to ensure flexibility in policy implementation to support growth, consistent with global rebalancing.”
Lagarde said she sees a determination among members to pursue policies to strengthen growth, counter threats to the recovery and create jobs in a Global Policy Agenda.
“I have a sense of a renewed commitment to actually implement those policies. So much so, that at the next IMFC meeting, that will take place in the spring, at the time of the spring meetings, we will actually check what we have committed to do and what we have done, so that there is accountability amongst ourselves.”
The Annual Meetings in Tokyo also saw the signing of some of the US$456 billion in funding pledges, which will bring the Fund’s total resources to over $1 trillion.
Member countries also backed the use of windfall profits from gold sales to boost the IMF’s Poverty Reduction and Growth Trust for concessional lending.
“We have a Poverty Reduction and Growth Trust fund that needed to be replenished and for which we needed a 90% majority in order to begin using the windfall profit of the gold sale. Well, that is done,” said Lagarde.
