IMF / GEORGIEVA PLENARY SPEECH

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13-Oct-2023 00:02:42
The world has changed and economic growth is at risk of slowing since the Hamas attack on Israel, IMF Managing Director Kristalina Georgieva said in Marrakech, Morocco. IMF

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STORY: IMF / GEORGIEVA PLENARY SPEECH
TRT: 02:30
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS

DATELINE: 13 OCTOBER 2023, MARRAKECH, MOROCCO / FILE

SHOTLIST:

FILE - MARRAKECH, MOROCCO

1. Wide shot, Exterior IMF and World Bank Annual Meetings conference center

13 OCTOBER 2023, MARRAKECH, MOROCCO

2. Med shot Annual Meeting plenary beginning
3. Med shot, Georgieva walking to podium
4. Wide shot, reporters
5. SOUNDBITE (English) Kristalina Georgieva, IMF Managing Director:
“A few days ago, the world has slowed down in terms of growth. Yes, tremendous resilience. But the recovery from the shocks is slow and uneven. Slow because at 3% growth is currently well below the average of the last two decades before the pandemic. And medium term growth prospects are also the weakest in decades. Uneven because the economic scarring from the recent shocks is vastly different across countries.”
6. Various shots, reporter
7. SOUNDBITE (English) Kristalina Georgieva, IMF Managing Director:
“The right policies and reforms are essential. Here in Morocco, in the areas devastated by the earthquake it was the buildings with strong foundations and a solid structure which sustained the shocks best. The lesson is, even if faced with very different, different economic settings, policymakers everywhere need to build strong economic foundations through sound policies.”
8. Med shot, reporters
9. SOUNDBITE (English) Kristalina Georgieva, IMF Managing Director:
“The time has come to restore fiscal space. This means tough decisions for governments by prioritizing spending and with credible medium term fiscal frameworks. It can be done.”
10. Med shot, plenary
11. Wide shot, plenary

FILE - MARRAKECH, MOROCCO

12. Wide shot, Exterior IMF and World Bank Annual Meetings conference center

STORYLINE:

The world has changed and economic growth is at risk of slowing since the Hamas attack on Israel, IMF Managing Director Kristalina Georgieva said Friday (13 Oct) in Marrakech, Morocco. Thousands of journalists, policymakers, bankers and civil society organizations are gathered there for the Annual Meetings of the IMF and World Bank.

“A few days ago, the world has slowed down in terms of growth. Yes, tremendous resilience. But the recovery from the shocks is slow and uneven. Slow because at 3% growth is currently well below the average of the last two decades before the pandemic. And medium term growth prospects are also the weakest in decades. Uneven because the economic scarring from the recent shocks is vastly different across countries,” Georgieva told delegates gathered for the plenary speech of the Annual Meetings.

Delegates held a moment of silence to honor victims of the devastating earthquake that struck Morocco last month. Georgieva said the resilience that the Moroccans have shown in the face of disaster is a lesson to economic policymakers.

“The right policies and reforms are essential. Here in Morocco, in the areas devastated by the earthquake it was the buildings with strong foundations and a solid structure which sustained the shocks best. The lesson is, even if faced with very different, different economic settings, policymakers everywhere need to build strong economic foundations through sound policies,” said Georgieva.

The head of the Fund ended on an upbeat note, saying that a combination of trade growth, international aid finance, domestic revenue mobilization and technological innovation can help replenish global coffers and build buffers to future economic shocks.

“The time has come to restore fiscal space. This means tough decisions for governments by prioritizing spending and with credible medium term fiscal frameworks. It can be done,” the Bulgarian concluded.
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