Saudi Arabia: a Key Regional and Global Player

Posted on February 8, 2012 by iMFdirect

By Christine Lagarde

(Version in عربي)

I have just returned from Saudi Arabia, where I was welcomed with exceptional warmth and hospitality. It was my first visit as the Managing Director of the IMF.

It was a pleasure to be in Saudi Arabia, a country with rich heritage and culture. And a country that is seeking to chart a path that balances the drive for greater economic development and closer integration into the global economy with the strong desire to preserve the traditions and values of its people.

I had the privilege of meeting H.M. King Abdullah, senior government officials, and representatives of the private sector. Our discussions were productive and constructive, and we traded views on current global, regional, and domestic developments. (more…)

Filed under: Economic Crisis, Economic outlook, Employment, Europe, Global Governance, growth, IMF, Inequality, International Monetary Fund, Middle East, Multilateral Cooperation, recession | Tagged: , , , , , , , , , , , | 2 Comments »

Hope and Perseverance on Tunisia’s Demanding Road Ahead

Posted on February 2, 2012 by iMFdirect

By Christine Lagarde

(Version in عربي)

Tunisia, the spark that ignited the Arab Spring, was where I spent the past two days. I held official meetings with the new leaders of the country. They spoke about the Freedom and Dignity Revolution, as the Tunisians call it, and of their concerns to ensure a smooth transition to democracy and prosperity.

One year on, it is still extraordinary to think how this dramatic transformation by a grassroots movement has migrated to other countries across the Middle East and North Africa.

Alongside my official visits, I particularly enjoyed a lunch I had with a small group of women, entrepreneurs, professors, and youth activists who spoke passionately about their lives, their commitment, and their hopes for their country. (more…)

Filed under: Economic Crisis, Economic outlook, Employment, Europe, Financial Crisis, growth, IMF, Inequality, International Monetary Fund, Middle East, Public debt, recession | Tagged: , , , , , , , , | 3 Comments »

Lagarde in Davos: How to Avoid an Economic Deep Freeze

Posted on January 27, 2012 by iMFdirect

By iMFdirect

Amid the heaviest snowfall in Davos for decades, IMF chief Christine Lagarde has been making her case for urgent action to resolve the eurozone crisis, which is at the center of current global economic concerns. The Fund recently sharply revised downward its forecast for global economic growth and in a speech in Berlin Lagarde mapped a way forward.

Policy priorities

Lagarde has taken her messages to the Alpine resort in Switzerland, where global leaders are gathered for the 42nd Annual Meeting of the World Economic Forum. At the top of the agenda is the need to find and implement the policy solutions to avoid a downward economic spiral—or what Lagarde as has called a “1930s moment.” She set out some of the policy priorities in a video interview and stressed the need for policy action to be “coordinated, cooperative and comprehensive”. The main goal is to get growth going again “because that’s most needed. There is too much unemployment around the world,” Lagarde said. (more…)

Filed under: Advanced Economies, Economic Crisis, Economic outlook, Emerging Markets, Employment, Europe, Financial Crisis, Fiscal policy, IMF, International Monetary Fund | Tagged: , , , , , , , , , , | 18 Comments »

Driving the Global Economy with the Brakes On

Posted on January 24, 2012 by iMFdirect

By Olivier Blanchard

(Versions in  عربي, 中文, Español, Français, Русский, 日本語)

After the speech by the IMF’s Managing Director in Berlin yesterday, my main messages on the global outlook will not surprise you.

Starting with the bad news–the world recovery, which was weak in the first place, is in danger of stalling. The epicenter of the danger is Europe, but the rest of the world is increasingly affected.

There is an even greater danger, namely that the European crisis intensifies. In this case, the world could be plunged into another recession.

Turning to the good news–with the right set of measures, the worst can definitely be avoided, and the recovery can be put back on track. These measures can be taken, need to be taken, and need to be taken urgently.

And now the numbers, starting at the epicenter:

The IMF’s forecast for growth in Euro Area for 2012 is ‑0.5 percent—this marks a decrease of 1.6 percentage points relative to our September 2011 projection. In particular, we predict negative growth in Italy (‑2.2 percent) and Spain (‑1.7 percent).

We have also revised downwards our forecasts for other advanced countries, although by less. Only for the United States, is our forecast unchanged at 1.8 percent.

(more…)

Filed under: Advanced Economies, Africa, Asia, Economic Crisis, Economic outlook, Economic research, Emerging Markets, Employment, Europe, Financial Crisis, Financial regulation, Financial sector supervision, Fiscal policy, Fiscal Stimulus, G-20, Global Governance, growth, IMF, Inequality, International Monetary Fund, Latin America, Low-income countries, Middle East, Public debt, recession | Tagged: , , , , , , , , , , , , , , | 8 Comments »

Showcasing a More Confident Africa

Posted on December 16, 2011 by iMFdirect

Christine Lagarde

Africa is on the move. While several other regions of the world have to address slowdown and uncertainty, many countries in Africa have been facing a contrasting challenge: to respond to the growing demand for their bountiful resources and manage rising investment in much-needed infrastructure. But at the same time, growing economic uncertainty in the world is raising concerns across the continent where vulnerability to global shocks remains high.

Christine Lagarde is visiting Africa for the first time as Managing Director of the International Monetary Fund this week and she says that she hopes to deepen the Fund’s partnership with Africa.

(more…)

Filed under: Africa, Economic Crisis, Employment, Financial Crisis, growth, IMF, Inequality, International Monetary Fund, Low-income countries | Tagged: , , , , , , , , | 6 Comments »

Latin America—Taking the Helm

Posted on November 25, 2011 by iMFdirect

By Christine Lagarde

Managing Director of the International Monetary Fund

(Version in Español)

The eyes of the world are locked on Europe these days. This is understandable. After all, the storm in the euro area casts a long shadow over the entire global economy.

But the IMF has 187 members, and my job is to serve each and every one of them as effectively as possible. For this reason, I am making it a point to visit the different regions of the world—to discuss, to listen, to learn.

This week, I am visiting three important countries in Latin America—Brazil, Mexico, and Peru—a trip coinciding with the transfer of leadership in the Group of 20 to Mexico. Like so many in the region, these countries have done remarkably well over the past few years. They have harvested the fruits of strong fundamentals, sound policy frameworks, and prudent macroeconomic policies and are now enjoying sustained growth with reduced vulnerabilities—an enviable sweet spot.

(more…)

Filed under: Economic Crisis, Economic outlook, Emerging Markets, Español, Europe, Fiscal policy, G-20, Globalization, growth, IMF, Inequality, Latin America | Tagged: , , , , , , , , , , | 12 Comments »

Strong Leadership, Collective Action Key to Economic Recovery

Posted on September 23, 2011 by iMFdirect

By iMFdirect

The 2011 IMF-World Bank Annual Meetings are taking place in Washington DC as the global economy enters a dangerous new phase — financial markets jitters and risks to the recovery are giving everyone plenty to talk about.  Here are our ‘must reads’ for the meetings. (more…)

Filed under: Annual Meetings, Economic outlook, IMF, International Monetary Fund | Tagged: , , , , , , , , , | 4 Comments »

Euro Muscles in Brussels: Christine Lagarde on Greece

Posted on July 22, 2011 by iMFdirect

by iMFdirect

The head of the IMF Christine Lagarde was clear during her press conference in Brussels yesterday—European leaders’ deal to help Greece and the euro area is a very constructive and comprehensive package of measures to resolve debt problems.

“What to me is critical—really a game-changing decision—is the leaders’ commitment and determination to provide support to countries until they have regained market access, provided that they successfully implement their programs.”

Watch the press conference:

The 17 heads of state of the eurozone have agreed to provide €109 billion in fresh financing for Greece. Together with voluntary contributions from the private sector and continued support from the IMF, this will close the financing gap in Greece’s budget and give the country the breathing room it needs to restore growth and competitiveness.

Greece has not yet requested a new program from the IMF, but Lagarde said it was the global lender’s intention to be an active participant in helping Greece restore growth, debt sustainability and return to financial markets.

The European leaders also agreed to make the terms of the European Financial Stability Facility more flexible, a measure called for by the IMF in its recent assessment of the euro area.

“This flexibility is a key element, in the view of the IMF,” said Lagarde.

Filed under: Advanced Economies, Economic Crisis, Europe, IMF, International Monetary Fund | Tagged: , , , , , , , , , , , , , | 2 Comments »

No Time to Waste: IMF Managing Director Christine Lagarde

Posted on July 6, 2011 by iMFdirect

by iMFdirect

The IMF’s managing director Christine Lagarde gave her first press conference today, in which she outlined three focal issues for the institution:

Our analysis of the connections between and among countries’ economies and financial sectors

The credibility of our analysis to countries must be candid and evenhanded

A comprehensive approach to our work that includes employment and social issues to help create stable economies.

Lagarde told the assembled reporters she had arrived in Washington soon after her selection because “there are many issues to address that cannot wait for a summer holiday.”

In an interview the day before, Lagarde said sovereign debt and capital flows were two of the main challenges facing the global economy.

Have a look: 

 

 

Filed under: IMF, International Monetary Fund | Tagged: , , , , , , , , , | 5 Comments »

Christine Lagarde New Head of IMF

Posted on June 29, 2011 by iMFdirect

By iMFdirect

The IMF has a new managing director, Christine Lagarde, France’s (now) former finance minister, to head the global lender as the world’s economy slowly recovers.

Lagarde will hit the ground running on July 5, and faces a very full inbox.

“The IMF has a lot on its plate and faces an uneven world recovery, the reopening of global imbalances, potentially destabilizing capital flows, high level of unemployment, rising inflation, and difficult country cases,” said Lagarde in her interview for the job with the IMF’s 24-member Executive Board on June 22.  (more…)

Filed under: Economic Crisis, Financial Crisis, IMF, International Monetary Fund, Public debt | Tagged: , , , | 12 Comments »

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