IMF / LAGARDE PRESSER

19-Apr-2018 00:02:31
At a news conference to open the IMF-World Bank Spring Meetings, IMF Managing Director Christine Lagarde on Thursday urged world leaders to take advantage of a strengthened global recovery to tackle deficits and structural reforms to promote inclusive and sustainable growth. IMF
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STORY: IMF / LAGARDE PRESSER
TRT: 02:31
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS

DATELINE: 19 APRIL 2018, WASHINGTON, DC
SHOTLIST
19 APRIL 2018, WASHINGTON, DC

1. Wide shot, IMF briefing
2. Wide shot, journalists
3. SOUNDBITE (English) Christine Lagarde, Managing Director of the International Monetary Fund (IMF):
“One more downside risk that is on everybody’s mind relates to international cooperation, which has served us so well over generations, helping to reduce poverty and to deliver more progress for more people than at any time in history. This international framework is now being questioned, especially with respect to trade.”
4. Mid journalists
5. SOUNDBITE (English) Christine Lagarde, Managing Director of the International Monetary Fund (IMF):
“The actual impact on growth is not very substantial when you measure in terms of GDP. We’re talking about decimals in most cases. What is more important is something that is difficult to measure in the short-term. And, that has to do with the erosion of confidence. When investors do not know under what terms they will be trading when they don’t know how to organize their supply chain, they are reluctant on investing. As I told you in the very beginning, growth is currently being driven by more investment than we had seen in the previous years and more trade. So, why damage those two engines that are effectively working for growth?”
6. Close journalist asking question
7. SOUNDBITE (English) Christine Lagarde, Managing Director of the International Monetary Fund (IMF):
“This is a reform that we have advocated, recommended, encouraged and that we are very pleased to see happening. For the U.S. corporate tax rate to come back to the OECD (Organisation for Economic Co-operation and Development) average, for simplification to happen in order to encourage enterprises to operate, this is something that we are very, very supportive of. On the other hand, what we are also saying is that, in order to deal with entitlements, the United States should take advantage of the current upswing. Because, as you will have noted, we have upgraded quite significantly our forecast this year and next year for the United States, given the measures that have been taken. So, taking advantage of this upswing, we believe that the United States should try to reduce its deficit and should try to move its debt downward rather than upward.”
8. Med shot, photographers and journalists
9. Wide shot, IMF officials
STORYLINE
At a news conference to open the IMF-World Bank Spring Meetings, IMF Managing Director Christine Lagarde on Thursday urged world leaders to take advantage of a strengthened global recovery to tackle deficits and structural reforms to promote inclusive and sustainable growth.

Lagarde also warned against steps that would weaken the engines of growth.

She said, “One more downside risk that is on everybody’s mind relates to international cooperation, which has served us so well over generations, helping to reduce poverty and to deliver more progress for more people than at any time in history. This international framework is now being questioned, especially with respect to trade.”

Asked about the likely global economic impact of tariffs and other protectionist measures the U.S. and China are proposing against each other, Lagarde said,“The actual impact on growth is not very substantial when you measure in terms of GDP. We’re talking about decimals in most cases.”

She also said, “What is more important is something that is difficult to measure in the short-term. And, that has to do with the erosion of confidence. When investors do not know under what terms they will be trading when they don’t know how to organize their supply chain, they are reluctant on investing. As I told you in the very beginning, growth is currently being driven by more investment than we had seen in the previous years and more trade. So, why damage those two engines that are effectively working for growth?”

While Lagarde urged countries to back away from conflict and find cooperation, she noted that U.S. reforms of corporate taxes is a positive economic step.

She said, “This is a reform that we have advocated, recommended, encouraged and that we are very pleased to see happen. For the U.S. corporate tax rate to come back to the OECD average, for simplification to happen in order to encourage enterprises to operate, this is something that we are very, very supportive of. On the other hand, what we are also saying is that, in order to deal with entitlements, the United States should take advantage of the current upswing. Because, as you will have noted, we have upgraded quite significantly our forecast this year and next year for the United States, given the measures that have been taken. So, taking advantage of this upswing, we believe the United States should try to reduce its deficit and should try to move its debt downward rather than upward.”
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