IMF / GEORGIEVA DEBT

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10-Feb-2020 00:02:08
With investors globally increasingly chasing riskier yields in lending, IMF Managing Director Kristalina Georgieva urged low income countries to take a hard look at how they are approaching their debt strategy. IMF

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STORY: IMF / GEORGIEVA DEBT
TRT: 2:08
SOURCE: IMF
RESTRICTIONS:NONE
LANGUAGE: ENGLISH / NATS

DATELINE: 10 FEBRUARY 2020, WASHINGTON DC

SHOTLIST:

1.Various shots, exterior of World Bank headquarters
2.Wide shot, IMF Managing Director Kristalina Georgieva on stage with World Bank President David Malpass
3.SOUNDBITE (English) Kristalina Georgieva, Managing Director, International Monetary Fund (IMF):
“In this more shock, more interdependent and more shock prone world, it is in everybody's interest to improve transparency and improve reporting.”
4.Various shots, stage and venue
5.SOUNDBITE (English) Kristalina Georgieva, Managing Director, International Monetary Fund (IMF):
“We need to be mindful that in this world of pressure for debt restructuring, the very best we can do is to emphasize much more strongly prevention, because prevention is better than cure. Don't get in this place to begin with. And for many countries, I would really argue that when they are in trouble around debt, they ought to get serious about the macro framework that may have contributed to be in this place to begin with. And I think anyway, you cut it there is no substitute for responsible policies.”
6.Various shots, reporters listening
7.SOUNDBITE (English) Kristalina Georgieva, Managing Director, International Monetary Fund (IMF):
“Let's remember why. Why? I mean, why I worry so much about that in low income countries. Because what it means is that if it is not properly managed, interest rates - often high - takes away precious resources from education and call and help in infrastructure investments. Takes it away from people who are most in need of quality of investments.”
8. Wide shot, venue, exterior

STORYLINE:

With investors globally increasingly chasing riskier yields in lending, IMF Managing Director Kristalina Georgieva urged low income countries to take a hard look at how they are approaching their debt strategy.

Speaking at a joint event hosted by the World Bank looking at global debt today (10 Feb) in Washington, DC, Georgieva urged developing countries to focus on using that money prudently with an eye on the long term.

She said, “in this more interdependent and more shock prone world, it is in everybody's interest to improve transparency and improve reporting,” referencing the outbreak of coronavirus in China and its spread globally as an example of unforeseen risk.

Georgieva said that with long term interest rates so low in Europe and the US, investors were looking for places where they can expect higher returns. But she warned that just because there were anxious lenders, low income countries should not load up on debt.

She said, “we need to be mindful that in this world of pressure for debt restructuring, the very best we can do is to emphasize much more strongly prevention, because prevention is better than cure. Don't get in this place to begin with. And for many countries, I would really argue that when they are in trouble around debt, they ought to get serious about the macro framework that may have contributed to be in this place to begin with. And I think anyway, you cut it there is no substitute for responsible policies.”

She said that “cheap money” should not be seen as a license to continue ineffective policies, but can be a lifeline to start investing in new positive steps.

Georgieva said, “let's remember why. Why? I mean, why I worry so much about that in low income countries. Because what it means is that if it is not properly managed, interest rates - often high - takes away precious resources from education and call and help in infrastructure investments. Takes it away from people who are most in need of quality of investments.”
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unifeed200210e
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2529985