IMF Food Shock Window/ Ukraine/ Lebanon




15 Sep 2022


Washington, DC, United States



IMF Food Shock Window/ Ukraine/ Lebanon
Washington, DC – Recent
1.B-ROLL: Exterior IMF
Washington, DC --- 15 Sept. 2022
2.SOUNDBITE: (English) Gerry Rice, Director of the Communications Department, IMF
“Since the beginning of the war in Ukraine, Russia's invasion of Ukraine, just since then, 16 member countries have made 20 requests for financing, and that totals about $87.2 billion. So, just to give you a sense of the work has not stopped, the support has not stopped in any way. And, of course, this comes on top of what we did with the $650 billion SDR allocation just about a year ago. Now it comes on top of the establishment of the Resilience and Sustainability Trust, the RST, many of you are familiar with that, which we expect will begin with an initial capital of about $45 billion and we're very close to that and we expect to operationalize that at these annual meetings. And just this week, again, I am referring to the managing director, her interviews. She talked about a potential new instrument called the Food Shock Window but this is another potential element of the Fund's support to our membership via emergency financing. We have begun the discussions with our executive board on this new window, and of course, it's contingent on our executive board approval but we are hopeful,”
3. Journalist speaking
4. SOUNDBITE: (English) Gerry Rice, Director of the Communications Department, IMF
“I can confirm and Kristalina confirmed that already in that public conversation that they did talk about the potential use of this new Food Shock Window coming online, again, contingent on our board approval, that discussions are ongoing and what could be the potential timeline on that. We would want it to be as soon as possible, again, contingent on Board approval. And they also discussed the likely size and the way Kristalina described that, she said that it would be in the ballpark of what we had done last time around. Okay. So, I just mentioned the $1.4 billion. So, that's what she was referring to,”
5. Journalist speaking
6. SOUNDBITE: (English) Gerry Rice, Director of the Communications Department, IMF
“There's been slow progress in implementing the critical, some of the critical actions that we think are required to move forward with program support and delaying the implementation of these reforms only increases the costs to Lebanon and the Lebanese people. And so timely implementation of pending prior actions, as we call them at the Fund and reforms, is critical to end the crisis and, you know, prevent what is of most concern, which is the deterioration of living conditions for the Lebanese people. That said, I can tell you that an IMF staff team will visit Beirut from September 19 to discuss recent developments and to help speed up the implementation of these actions that I talked about,”
RECENT- Washington, DC.
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