Washington: The International Monetary Fund (IMF) briefed the media on a wide range of economic developments, including upcoming travels of its senior officials, policy measures, and bilateral meetings across various countries. Julie Kozack, Director of the Communications Department at the IMF, led the briefing, providing key insights into the fund’s engagements and perspectives on global economic conditions.
According to International Monetary Fund, Managing Director Kristalina Georgieva is slated to attend the informal Ecofin meeting in Budapest, Hungary, and later participate in the 79th General Assembly of the United Nations in New York City. In her travels, Georgieva will engage in bilateral discussions and partake in multiple events aimed at addressing international economic issues.
The briefing also covered the activities of other IMF officials. First Deputy Managing Director Gita Gopinath will deliver the Whitaker Lecture at the Bank of Ireland, and Deputy Managing Director Bo Li is scheduled to visit Astana, Kazakhstan to discuss regional economic prospects. Deputy Managing Director Kenji Okamura will visit Mongolia to meet with local authorities.
A significant highlight from the briefing was the anticipation of the European Central Bank President Christine Lagarde’s lecture at the 2024 Michel Camdessus Central Banking Conference in Washington, D.C., which will include a dialogue with Managing Director Georgieva.
The briefing touched on various country-specific engagements and policy advice. For Ukraine, Julie Kozack noted the recent staff-level agreement that would allow Ukraine access to $1.1 billion, pending approval by the IMF’s Executive Board. The agreement emphasizes the need for reforms and increased tax revenues by 2025 to sustain macroeconomic stability amid ongoing conflict.
In response to a question about Pakistan, Kozack confirmed that the IMF staff had reached an agreement with Pakistani authorities on a new 37-month Extended Fund Facility (EFF), with the board meeting scheduled for September 25, following Pakistan obtaining necessary financing assurances from its development partners.
Regarding economic consultations, the IMF is set to resume Article IV Consultations with Russia, providing an opportunity to assess and discuss economic developments and policies since 2021. This resumption marks a continuation of the IMF’s obligations to engage with member countries to review economic conditions and policy frameworks.
The briefing also addressed inquiries about IMF’s stance on various global economic issues, including the independence of central banks and the implications of recent U.S. economic performance on global markets. Kozack reiterated the IMF’s support for central bank autonomy and provided an analysis of the U.S. economic outlook, noting strong performance and a positive trajectory towards achieving inflation targets.
Overall, the IMF press briefing underscored the organization’s active role in fostering international economic cooperation and stability through its ongoing engagements and policy dialogues with member countries.