Western Hemisphere Regional Economic Outlook



Shoot Date

15 Apr 2016

Shoot Location

Washington, D.C., United States

Edited Package
IMF HANDOUT – ACCESS ALL Washington – April 15, 2016 1. Wide Western Hemisphere Department briefing 2. Mid reporters 3. SOUNDBITE: (English) Alejandro Werner, Director of the IMF’s Western Hemisphere Department “Economic activity in Latin America and the Caribbean has been revised downward, compared with our January update and it’s likely to contract for a second year in a row for 2016. Basically, we are projecting an average rate of growth of -0.5 percent for this year.” 4. Mid IMF officials during news conference 5. SOUNDBITE: (English) Alejandro Werner, Director of the IMF’s Western Hemisphere Department “Obviously we welcome the news that Argentina has basically reopened the opportunity for Argentina to back to the international capital markets. I think the Argentinian government has moved extremely fast in closing this chapter and, therefore, normalizing or to start the normalization of the relations with the international capital market.” 6. Close reporter asking question 7. SOUNDBITE: (English) Nigel Chalk, Deputy Director of the IMF’s Western Hemisphere Department “We will go with a small team led by Mr. Roberto Carderelli who will travel there, will discuss with the central bank, with the government, also with the civil society, the private sector, get a picture of what’s going on. At the end of that, we will produce a report to our executive board and I would guess we would go to our executive board to discuss that sometime in the fall. Probably, after our annual meetings. So, right now, we’re still planning the logistics, but that’s where we’re at.” 8. Wide journalists 9. SOUNDBITE: (English) Robert Rennhack, Deputy Director of the IMF’s Western Hemisphere Department “So, we’re expecting growth to be about 2.4 percent this year and rising to 2.6 percent next year. And, on the structural reforms and the effect on growth, certainly growth now is lower than when we had expected it to be. I think there are these underlying factors which are bringing it down. But, that I still think reforms are moving in a positive direction. We are seeing signs of investment in certain sectors that were benefitting from the reforms. Telecom is doing well. There is an expansion in the gas pipeline and distribution network in the country. Electricity prices have come down. So, there are some benefits. And, as we’ve always said, it takes time. These are long-acting reforms. You’re not going to see the effects right away. All the reforms go in the right direction. And, over time, I think you will se positive effects from them. It just takes a while to get going.” 11. Mid reporters 12. Wide IMF officials at end of briefing
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