IMF / EUROPEAN CENTRAL BANK RATES

09-Mar-2017 00:02:20
The International Monetary Fund (IMF) welcomed the decision by the European Central Bank to hold off of a rate hike and maintain it’s accommodative policies. IMF
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STORY: IMF / EUROPEAN CENTRAL BANK RATES
TRT: 2:20
SOURCE: IMF
RESTRICTIONS:NONE
LANGUAGE: ENGLISH / NATS

DATELINE: 9 MARCH 2017 WASHINGTON, DC
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1. Wide shot, exterior, IMF

9 MARCH 2017 WASHINGTON, DC

2. Wide shot, news conference
3. SOUNDBITE (English) Gerry Rice, Spokesperson, IMF:
“We are indeed aware of the events in the so-called Anglophone regions of Cameroon. The macroeconomic impact of any event that could affect production and/or consumption is typically felt with a certain lag. So, these events started in November last year, and thus are likely to have not had a significant impact on production in 2016. For 2017, the risks to our growth outlook include a combination of external and domestic factors, including continuation of the sociopolitical events in the northwest and southwest regions of Cameroon. And as our press release the other day indicated, our view is that the medium-term outlook for the Cameroonian economy remains positive, subject to the implementation of the appropriate policies.”
4. Cutaway, reporters
5. SOUNDBITE (English) Gerry Rice, Spokesperson, IMF:
“The IMF has not made any specific recommendations on which products should be subject to higher taxes. The IMF has also emphasized not raising the prices of goods that are consumed by the poor.”
6. Cutaway, reporters
7. SOUNDBITE (English) Gerry Rice, Spokesperson, IMF:
“As was expected, the ECB kept interest rates and its nonstandard monetary policy measures unchanged. The ECB’s accommodative stance is improving credit conditions and supporting a recovery of output and a gradual rise in inflation. We are reassured by the ECB’s continuing commitment to use all instruments available within its mandate, to ensure a sustained adjustment in the path of inflation, consistent with its medium-term price stability objective. “
8. Wide shot, press room
STORYLINE
The International Monetary Fund (IMF) welcomed the decision by the European Central Bank to hold off of a rate hike and maintain it’s accommodative policies.

IMF spokesman Gerry Rice told reporters Thursday (9 Mar) in Washington “we are reassured by the ECB’s continuing commitment to use all instruments available within its mandate, to ensure a sustained adjustment in the path of inflation, consistent with its medium-term price stability objective.”.

The IMF mission to Cameroon wrapped up this week, and Rice said that the Fund was very aware of reports of violent unrest in the so-called Anglophone regions of the country.

He said “the macroeconomic impact of any event that could affect production and/or consumption is typically felt with a certain lag.”

The spokesperson underlined “these events started in November last year, and thus are likely to have not had a significant impact on production in 2016,” adding that the IMF sees the medium-term outlook for Cameroon as remaining positive.

And the IMF rejects criticism by some in Jordan that it is “imposing” government spending cuts in any form.

Rice said that “in order to end the rapid increase in public debt, the program emphasized the need to broaden the tax base as part of the revenue reform, while alleviating the impact on the most vulnerable.”

In fact, Rice said, the Fund has recommended that the government not push tax hikes on goods or services that primarily impact the poor there.
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