IMF Spring Meeting’s Curtain Raiser Speech with MD Georgieva




09 Apr 2020


Washington, DC, United States



IMF Spring Meeting’s Curtain Raiser Speech with MD Georgieva
Washington, DC – Recent
1. B-ROLL: Exterior IMF

Washington, DC --- 3 April, 2020
2. SOUNDBITE: (English) Kristalina Georgieva, Managing Director IMF

“We are still faced with extraordinary uncertainty about the depth and duration of this crisis. It is already clear, however, that global growth will turn sharply negative in 2020, as you will see in our World Economic Outlook next week.
In fact, we anticipate the worst economic fallout since the Great Depression. Just three months ago, we expected positive per capita income growth in over 160 of our member countries in 2020. Today, that number has been turned on its head. We now project that over 170 countries will experience negative per capita income growth this year.”

3. B-ROLL: Cuts Side-Shot Georgieva
4. SOUNDBITE: (English) Kristalina Georgieva, MD IMF

“There is no question that 2020 will be exceptionally difficult. If the pandemic fades in the second half of the year, thus allowing a gradual lifting of containment measures and reopening of the economy, our baseline assumption is for a partial recovery in 2021. But again, I stress there is tremendous uncertainty around the outlook. It could get worse depending on many variable factors, including the duration of the pandemic. And crucially, everything depends on the policy actions we take now. “

5. B-ROLL: Cuts Side-Shot Georgieva
6. SOUNDBITE: (English) Kristalina Georgieva, MD IMF

“We estimate the gross external financial needs for emerging markets and developing countries to be in the trillions of dollars, and they can cover only a portion of that on their own, leaving residual gaps in the hundreds of billions of dollars. They urgently need help.”

7. B-ROLL: Cuts Side-Shot Georgieva
8. SOUNDBITE: (English) Kristalina Georgieva, MD IMF

“The encouraging news is that all governments have sprung into action and indeed there has been significant coordination. Our Fiscal Monitor next week will show that countries around the world have taken fiscal actions amounting to some 8 trillion dollars. And in addition, there have been massive monetary measures from the G20 and others. Many of the poorer nations are also taking both fiscal and monetary action, even as they grapple with this fundamental shock to their systems.”

Washington, DC – Recent
9. B-ROLL: Washington D.C. Exterior IMF
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