THE WHITE HOUSE's latest

Dow, S&P Surge to Record Closes as Economy Steams Ahead In The Washington Post, Thomas Heath writes that the "U.S. stock markets smashed records Thursday” as the economy continues to flourish. Heath notes that “it’s the S&P’s 19th record close this year and its 89th since the 2016 elections. The Dow recorded its 12th new closing high of the year and its 100th new high since the presidential election.” Click here to read more. “The number of Americans filing for unemployment benefits unexpectedly fell last week, hitting near a 49-year low in a sign the job market remains strong,” Reutersreports. “Initial claims for state unemployment benefits fell by 3,000 to a seasonally adjusted level of 201,000 for the week ended Sept. 15, the Labor Department said on Thursday. That is the lowest level since November 1969.” “The federal government has more authority to go on offense against foreign adversaries under a new cybersecurity strategy signed by President Donald Trump, officials said Thursday,” David Jackson writes in USA Today. “We are going to do a lot of things offensively. Our adversaries need to know that,” National Security Adviser John Bolton said. “President Trump announced Thursday the names of two American soldiers from the Korean War identified from troop remains given to U.S. by North Korea earlier this year,” Diana Stancy Correll writes in the Washington Examiner. “Army Master Sgt. Charles H. McDaniel, 32, or Vernon, Indiana, and Army Pfc. William H. Jones, 19, of Nash County, North Carolina, are the first American remains from…...North Korea to be identified as a result of my Summit with Chairman Kim,” President Trump tweeted. “These HEROES are home, they may Rest In Peace, and hopefully their families can have closure.” “President Trump has made addressing drug demand and the opioid crisis a top priority of his administration,” writes Deputy Director of the Office of National Drug Control Policy Jim Carroll in the Columbus Dispatch. The President is “dedicating unprecedented funding to address this crisis, including making sure states and communities have the resources they need to prevent drug use, treat addiction locally and stop the flow of drugs into their communities.” “One year ago, a devastating Category 4 hurricane made landfall just south of the Yabucoa Harbor in Puerto Rico,” writes Secretary of Homeland Security Kirstjen M. Nielsen in the Miami Herald. “FEMA and its federal partners were in Puerto Rico before Hurricane Maria made landfall, supported response efforts, and will stay there for years to come, supporting the government’s recovery efforts and helping Puerto Rican communities.” New York Times: President Trump Hit Iran With Oil Sanctions. So Far, They’re Working.  In The New York Times, Clifford Krauss writes that President Donald J. Trump’s oil sanctions on Iran—part of the President’s withdrawal from the fatally flawed Iran nuclear deal—are effectively weakening the regime’s leverage as oil companies across the globe bail out of deals with Tehran. “The president is doing the opposite of what the experts said, and it seems to be working out,” said Michael Lynch, president of Strategic Energy and Economic Research. Click here to read more. “The scale of America’s opioid crisis can be daunting. The latest numbers show that more than 72,000 Americans died of a drug overdose in 2017,” Secretary of Health and Human Services Alex Azar writes in USA Today. “While the epidemic still rages, we are now seeing signs of national progress . . . The number of Americans initiating heroin use dropped by around half from 2016 to 2017.” In El Nuevo Dia, Small Business Administrator Linda McMahon shares how the Federal Government is continuing to help with Hurricane Maria recovery efforts in Puerto Rico. “In the year since Hurricane Maria struck, the SBA has approved 52,400 disaster loans totaling nearly $2 billion,” she notes. “Survivors of natural disasters can register at DisasterAssistance.gov to see the types of assistance for which they are eligible.” Democrats may be attacking President Trump’s trade actions with China, but the President’s latest move “is not rattling investors. That was the message from traders Tuesday, who sent stock averages soaring in the face of the latest round of American tariffs on Chinese imports and Beijing’s retaliatory response,” Liz Peek writes in The Hill.  “President Trump toured the Carolinas on Wednesday to survey the wreckage and rampant flooding in the wake of Hurricane Florence, praising rescue efforts and meeting victims of the devastating storm,” Bob Fredericks reports for the New York Post. “In moments of despair, we’ve witnessed the true character of the American people,” the President said in Havelock, North Carolina. The White House • September 20, 2018 America’s first cyber strategy in 15 years America and its allies are under attack every day in cyberspace. Malicious actors try to undermine our safety and security by damaging our national infrastructure and upending the lives of ordinary Americans. In response to this growing threat, President Donald J. Trump has unveiled America’s first comprehensive cyber strategy since 2003. The plan builds on the four priorities outlined in the Administration’s broader National Security Strategy: Protect the American People, the Homeland, and the American Way of Life by securing our information systems and combatting cybercrime Promote American Prosperity by pursuing cyberspace as an engine of economic growth, innovation, and efficiency Preserve Peace through Strength by identifying, countering, disrupting, degrading, and deterring bad behavior in cyberspace Advance American Influence by preserving the long-term openness, security, and reliability of the Internet The United States is engaged in a continuous competition against strategic adversaries, rogue states, and terrorist and criminal networks. These new threats demand a new response. The Administration’s answer to these risks is anchored by enduring American values—a belief in the power of individual liberty, free expression, free markets, and privacy. President Trump unveils America’s first cybersecurity strategy in 15 years. Go deeper: See the full report here. Video of the day Yesterday, President Trump visited the Carolinas, getting a firsthand look at communities impacted by Hurricane Florence. Meeting with local leaders and first responders, the President had a message: “The Federal Government is behind you.” Watch President Trump visit families affected by Hurricane Florence Unemployment claims just keep falling Positive economic news is becoming a near-daily staple during the Trump Boom. Gone are the day when “secular stagnation” and endless talk of permanent slow growth were the dominant themes of American economic commentary. Weekly jobless claims fell again last week, reaching a near half-century low. Reuters had this to say: “The labor market is viewed as being near or at full employment. It continues to strengthen, with nonfarm payrolls increasing by 201,000 jobs in August and annual wage growth notching its biggest gain in more than nine years.” The U.S. stock market roared this week, as well, with both the Dow Jones Industrial Average and the S&P 500 setting record highs. Today’s news is “a sign of investors’ conviction in a booming U.S. economy,” Michael Wursthorn reports for The Wall Street Journal. “S&P 500 HITS ALL-TIME HIGH,” the President tweeted. “Congratulations USA!” Reuters: The number of Americans filing for unemployment benefits falls Photo of the Day Official White House Photo by Shealah Craighead President Donald J. Trump embraces a young boy in North Carolina while helping victims of Hurricane Florence | September 19, 2018

CANADA's news

The Prime Minister announces changes in the senior ranks of the Public Service

September 21, 2018
Ottawa, Ontario

The Prime Minister, Justin Trudeau, today announced the following changes in the senior ranks of the Public Service:

Graham Flack, currently Deputy Minister of Canadian Heritage, becomes Deputy Minister of Employment and Social Development, effective October 9, 2018.

Philip Jennings, currently Associate Deputy Minister of Natural Resources, becomes Deputy Secretary to the Cabinet (Plans and Consultations), Privy Council Office, effective October 15, 2018.

Hélène Laurendeau, currently Deputy Minister of Crown-Indigenous Relations and Northern Affairs, becomes Deputy Minister of Canadian Heritage, effective October 9, 2018.

Chantal Maheu, currently Deputy Secretary to the Cabinet (Plans and Consultations), Privy Council Office, becomes Deputy Minister of Labour and Associate Deputy Minister of Employment and Social Development, effective October 9, 2018.

Isabelle Mondou, currently Assistant Secretary to the Cabinet (Priorities and Planning), Privy Council Office, becomes Associate Deputy Minister of Canadian Heritage, effective October 22, 2018.

David Morrison, currently Associate Deputy Minister of Foreign Affairs, becomes Associate Deputy Minister of Foreign Affairs and Personal Representative of the Prime Minister (Sherpa) for the G7 Summit, effective October 1, 2018.

Daniel Watson, currently Chief Executive Officer of Parks Canada, becomes Deputy Minister of Crown-Indigenous Relations and Northern Affairs, effective October 9, 2018.

The Prime Minister took the opportunity to congratulate Peter Boehm, Deputy Minister for the G7 Summit and Personal Representative of the Prime Minister (Sherpa), on his upcoming retirement, and Lori Sterling, Deputy Minister of Labour and Associate Deputy Minister of Employment and Social Development, on her retirement from the Public Service. They both led exceptional careers marked by dedication and excellence in serving Canadians.

Biographical notes

• Graham Flack
• Philip Jennings
• Hélène Laurendeau
• Chantal Maheu
• Isabelle Mondou
• David Morrison
• Daniel Watson

Statement by the Prime Minister on International Day of Peace

September 21, 2018
Ottawa, Ontario

The Prime Minister, Justin Trudeau, today issued the following statement on the International Day of Peace:

“Peace is the foundation of a just and equal society. Today, on the International Day of Peace, we reflect on the progress made, and acknowledge the work yet to be done to achieve a more inclusive, peaceful, prosperous, and secure world for everyone.

“This year’s theme, ‘The Right to Peace – The Universal Declaration of Human Rights at 70,’ stresses the importance of recognizing human rights as the building blocks of freedom, justice, and peace in the world. We have come a long way since the Declaration was adopted by the United Nations in 1948, but much more needs to be done so everyone is truly free and equal.

“The Government of Canada remains firm in its commitment to protect and promote human rights. We stand with brave voices around the world who call for progress and push for these fundamental rights. At home, we are working hard to build a country where all Canadians feel free and safe to be themselves, and have the opportunity to go as far as their aspirations will take them.

“Last year, Canada announced new commitments to support United Nations peace operations around the world. These commitments will help provide the UN with reliable access to military and police resources in conflict areas, empower women in all aspects of peace and security, and protect children used as weapons of war.

“Canada has also put building a more peaceful and secure world at the centre of its G7 Presidency. When leaders met during the G7 Summit, we focused on finding solutions that leave no one behind, and set the international agenda on peace and security. We committed to work more effectively together to respond to threats that attempt to undermine our democracies, sharing information and analysis, and improving online safety and security. As we tackle the challenges we face today, these commitments and others from the Summit will help make our countries safer.

“As we mark the International Day of Peace, and celebrate the seventieth anniversary of the Universal Declaration of Human Rights, I encourage Canadians to reflect on how we can all stand up for human rights, and build a better country and more peaceful world.”

Prime Minister to lead Canadian delegation to United Nations General Assembly in New York

September 20, 2018
Ottawa, Ontario

The Prime Minister, Justin Trudeau, today announced that he will travel to New York City, from September 24 to 26, 2018, to lead Canada’s delegation to the 73rd Session of the United Nations General Assembly.

During the General Assembly, the Prime Minister will reiterate Canada’s support of the UN. He will emphasize how countries need to come together more than ever to agree on goals and principles and face down shared challenges, in order to deliver economic growth that benefits everyone, fight climate change, and build a more peaceful and secure world. He will also underscore the importance of advancing gender equality, and creating more opportunities for women and girls to succeed, as Canada celebrates its first Gender Equality Week.

On the first day of the visit, the Prime Minister will take part in a panel discussion focused on how developed countries can facilitate long-term investment to support the Sustainable Development Goals.

That same day, Prime Minister Trudeau will deliver remarks at the Nelson Mandela Peace Summit held in honour of the centenary of Nelson Mandela’s birth. During his remarks, he will emphasize Canada’s enduring commitment to peace and stability, and the promotion of human rights, diversity, and inclusion.

In partnership with African leaders, the Prime Minister will bring together key private and public sector players to discuss how to create better economic opportunities and jobs for young people across Africa.

The Prime Minister, alongside Foreign Affairs Minister Chrystia Freeland and International Trade Diversification Minister Jim Carr, will participate in an event hosted by the Council on Foreign Relations for a discussion on Canada’s global outlook, economic growth, gender equality, and the importance of restoring confidence in our institutions.

Building on the momentum from the G7 Summit, Prime Minister Trudeau will join other leaders and key stakeholders in a discussion on girls’ education. He will also convene a leaders’ roundtable to discuss how to best take the historic commitment from Charlevoix that mobilized $3.8 billion in resources, and advance education for women and girls in fragile, conflict, and crisis situations.

Throughout the visit, Prime Minister Trudeau will work to mobilize ongoing international support of the central themes of Canada’s 2018 G7 Presidency, particularly investing in economic growth that benefits everyone, and working together on climate change, oceans, and clean energy.

Quote

“Canada is strongly committed to the United Nations and the role it and its member states play to promote a more peaceful, equal, and stable world. We believe that we are stronger when we work together and focus on real, concrete solutions that benefit everyone. Canada will continue to promote and defend the international rules-based order as the best way to fight inequalities, create economic growth that benefits everyone, and leave a better, healthier planet for future generations.”
—The Rt. Hon. Justin Trudeau, Prime Minister of Canada

Quick Facts

• The Canadian delegation to the United Nations General Assembly will include:
• Minister of Foreign Affairs Chrystia Freeland
• Minister of International Development Marie-Claude Bibeau
• Minister of International Trade Diversification Jim Carr
• Minister of Tourism, Official Languages and La Francophonie Mélanie Joly
• Minister of Environment and Climate Change Catherine McKenna
• Minister of Immigration, Refugees and Citizenship Ahmed Hussen
• Minister of Health Ginette Petitpas Taylor
• Canada has been active at the United Nations since its creation in 1945, and played a key role in drafting the UN Charter, an international treaty that sets out basic principles of international relations.
• Today, Canada continues to support the UN by actively participating in the organization's activities and providing financial support.
• Canada is the fifth-largest donor to the UN system.

Statement by the Prime Minister on Armenia’s Independence Day

September 21, 2018
Ottawa, Ontario

The Prime Minister, Justin Trudeau, today issued the following statement on Armenia’s Independence Day:

“Today, we join Armenian communities in Canada and around the world to celebrate the anniversary of Armenia’s independence.

“Armenia and Canada enjoy a special relationship – one that we are committed to strengthening. More than 60,000 Canadians trace their heritage to Armenia, and their contributions help make Canada the prosperous, vibrant, and open country it is today.

“Over the last few years, Armenian Canadians have come together to welcome thousands of Syrian refugees to Canada. They have gone above and beyond to make newcomers feel safe and welcome, reunite families, and give people a chance at a new life. Their generosity and compassion inspire us all.

“Armenia and Canada share similar visions of peace, justice, and democracy, and collaborate in international organizations such as La Francophonie.

“On behalf of the Government of Canada, I offer my best wishes to everyone celebrating Armenia’s Independence Day.”

Prime Minister to travel to Armenia to attend the XVII Francophonie Summit

September 21, 2018
Ottawa, Ontario

The Prime Minister, Justin Trudeau, today announced that he will travel to Yerevan, Armenia, from October 11 to 13, to attend the XVII Francophonie Summit and take part in a bilateral visit.

The theme of this year’s Summit is “Living together in solidarity, shared humanistic values, and respect for diversity: a source of peace and prosperity in La Francophonie.” During the Summit, the Prime Minister will highlight the importance of working together to address shared challenges, grow economies that work for everyone, and promote diversity and inclusion.

Prime Minister Trudeau will also underline how important the  International Organization of La Francophonie is to Canada, and emphasize the vital role that Francophone communities have played throughout Canada’s history.

Following the Summit, Prime Minister Trudeau will also take part in a bilateral visit to the country. The visit will be a chance to discuss the important relationship between Canada and Armenia and explore ways to work together more closely to further strengthen our commercial and economic ties.

Quotes

“The Summit in Yerevan will be a chance to deepen the strong friendship the international Francophone community shares. La Francophonie plays a major role to promote important values like peace, diversity, and inclusion, and I am pleased that La Francophonie and Armenian organizers have chosen to highlight these common values. By building on our diversity, we can innovate, collaborate, and create a better world for everyone.”
— The Rt. Hon. Justin Trudeau, Prime Minister of Canada

“Canada enjoys an excellent relationship with Armenia, and I look forward to further deepening that friendship. Together, we will discuss ways to create more economic opportunities for businesses and people in both our countries.”
— The Rt. Hon. Justin Trudeau, Prime Minister of Canada

Quick Facts

• This is Prime Minister Trudeau’s first official visit to Armenia.
• Diplomatic relations between Canada and Armenia were formally established in 1992. Since then, Canada and Armenia have regularly worked together in multilateral forums, including the United Nations and La Francophonie.
• Armenia joined the International Organization of La Francophonie in 2004 as an observer and obtained full member status in 2012.
• In 2017, Canada’s exports to Armenia totalled $9.3 million and imports from Armenia reached $26 million.
• Canada is host to an Armenian community of more than 60,000 people.
• As a member of the  International Organization of La Francophonie, Canada is committed to protecting and promoting the French language and our cultural and linguistic diversity.
• For several months, Canada has been working with other members of La Francophonie to prepare documents for the Summit in Yerevan.
• The Summit is hosted every two years. It is an important opportunity for leaders of La Francophonie member states to meet and work together to advance shared priorities.

Associated Links

• XVII Francophonie Summit (French only)
• Canada – Armenia Relations

RUSSIA's latest

Second Eurasian Women’s Forum


Vladimir Putin attended the Second Eurasian Women’s Forum and addressed its plenary session.
September 20, 2018
13:50
St Petersburg


The Second Eurasian Women’s Forum is taking place between September 19 and 21 at major convention centres and cultural venues in the historical centre of St Petersburg. The Tavrichesky Palace and the Parliamentary Centre serve as the main venue for the forum’s business programme. The forum is organised by the Federation Council and the Inter-Parliamentary Assembly of the CIS, with support from a number of ministries, agencies and NGOs.

* * *






Plenary session of the Second Eurasian Women’s Forum.

Speech at the plenary session of the Second Eurasian Women’s Forum

President of Russia Vladimir Putin: Good afternoon, friends.

I am delighted to welcome all of you to Russia, to St Petersburg, my hometown, and to the Second Eurasian Women’s Forum.

The geography of this forum reaches far beyond our continent. I was just informed by Ms Matviyenko [Federation Council Speaker] that you represent more than 110 countries, as well as the leading international organisations.

Russia contributes in significant ways to discussions on strategies designed to enhance the role of women in tackling global challenges.

This is not without reason, since Russia has always paid special attention to protecting mothers and children, as well as supporting women. I would go as far as to argue that we treat women in a special way, with tenderness, cordiality and sincerity.
With participants of the plenary session of the Second Eurasian Women’s Forum.

Friends,

History provides us with quite a few extraordinary examples when women assumed responsibility for decisions that were pivotal for entire countries and nations.

In today’s complex, rapidly changing world women are proactive and successful in many spheres, and play an increasingly important role in strengthening peace and security, which is their natural role, and contribute to addressing key socioeconomic and humanitarian problems.

Women are active in the United Nations and head leading international organisations, executive and legislative authorities in their countries. Many women are talented scientists, entrepreneurs, politicians and public figures. I can also see outstanding athletes in this room.

The world, the countries will only benefit if such women's success stories become as frequent as possible. We will be able to consolidate the national potential, ensure sustainable global development – for the entire civilisation.

It is in our common interest to deal with gender inequality, to eradicate many stereotypes and career restrictions that still exist, unfortunately, and, importantly, to pave the way to the necessary education for girls, to create comfortable conditions for working and running their own business. Women must feel emancipated and independent, and have effective guarantees of social and legal protection.

On the other hand, it is also important to preserve traditional values: family and motherhood, which do not depend on the social system or technological progress, and are shared by countries with different cultures, customs, and different codes.
With participants of the plenary session of the Second Eurasian Women’s Forum.

Friends,

It is these values that underlie our new demographic project. It is planned for the next six years and is a logical extension of the previously completed work on supporting motherhood and childhood that we have been conducting in recent years in our country. A major accomplishment without exaggeration. (Applause.) Thank you very much.

The so-called maternity capital programme has been extended, meaning Russian families will continue to receive financial assistance at the birth of their second and subsequent children. Low-income families and parents of children with disabilities are also entitled to government support.

We know that this is not enough, that it is too little, very little, but that is why we have introduced a subsidy for mortgage interest for families with two or more children. Additional assistance will be provided to families living in the Far Eastern regions of the Russian Federation, compensating for the difficult living conditions there and the high cost of living.
With participants of the plenary session of the Second Eurasian Women’s Forum.

I must note that the total amount of financial support Russian families will receive upon the birth of children under the national project will reach almost 2.7 trillion rubles. Important decisions have also been made to support women in the labour market, which is extremely important.

I would like to note that technological progress creates new opportunities for women who want to reduce the time spent on household responsibilities, to study remotely, to do business, to bring together like-minded people and carry out research, business and volunteering projects together. By the way, our country has already created a legal framework for part-time and remote work.

At the same time, we fully understand other consequences of technological development and the shifting technological environment. Entire occupations are disappearing and low-skilled work is being forced out of the market.

This is why it is so important to help women to study again and get a new occupation, a new job, including in the digital economy industry, and to learn entrepreneurship skills.

Speaking of which, last year ahead of International Women’s Day on March 8, I met with Russian women entrepreneurs. It was such an enjoyable meeting. They have so many ideas and theirs were real success stories. Some of them actually started their businesses from scratch, created them and are building them up successfully. It is a real pleasure to see that. They are setting a good example to many men.
With participants of the plenary session of the Second Eurasian Women’s Forum.

Starting next year, Russia is launching free state-run professional development programmes that will be available to all the women on maternity leave who are taking care of children aged three and younger.

For mothers to be able to work, we have made sure that 100 percent young children are provided with a place in kindergartens across Russia, in almost all the Russian regions with a small exception – but we will see it through to the end.

In the next few years, we will create additional places in nurseries so that women can return to work as soon as possible or get a new profession and resume work.

It should be stressed that our strategy to support women is comprehensive and multidimensional. It provides aid to small businesses and individual entrepreneurs, including social entrepreneurs, support of volunteering and NGOs, development of education and healthcare, building conditions for success of all proactive and ambitious people.

We are ready to share our solutions and use the best practices from other countries. Therefore, events like this are very important. Together we can create the best opportunities for women to realise their potential, to build their lives and a prosperous future for their children, and to make the world around them better.

As Indira Gandhi, a very good friend of our country, once said, “Actions today mould our tomorrows.”

I wish you happiness. Thank you for your attention.

Dmitry Medvedev offers condolences to Prime Minister of Vietnam Nguyen Xuan Phuc on the death of President of Vietnam Tran Dại Quang
21 September 2018 12:20




The Prime Minister’s message reads, in part:

“While holding all high-ranking state positions, President Tran Dại Quang invariably focused on strengthening relations of comprehensive strategic partnership linking the Russian Federation and the Socialist Republic of Vietnam. I would like to emphasise his impressive personal contribution to advancing major joint economic and cultural projects.

We will cherish the fond memories of this outstanding statesman and this good friend of our country.”

IMF:Transcript of IMF Press Briefing [Matched: Greece]

Transcript of IMF Press Briefing

September 20, 2018

MR. RICE: Well, good morning, everyone, and welcome to this briefing on behalf of the International Monetary Fund. I'm Gerry Rice of the Communications Department. As usual our briefing this morning will be embargoed until 10:30 a.m. That's Washington time. Let me make a few announcements and then I'll come to questions in the room and take a few on line as well.

Let me tell you about some of the events involving our Managing Director, Christine Lagarde. On Monday, September 24, she will be in New York for events related to the UN General Assembly meeting. She will take part in a number of events there, many of them open to the media, including making remarks at the Secretary General's High-level meeting on the financing of the Sustainable Development Goals, participating in the World Economic Forum Sustainable Development Summit, the One Planet Summit at the Bloomberg Global Business Forum, and other events. Media Relations can give you more details on those. The ones I have just mentioned are all open to the media, for example.

Then on October 1, here at IMF Headquarters, Madame Lagarde will deliver what we call our Annual Meetings Curtain Raiser Speech. This Speech serves as the prelude to our Annual Meetings in Indonesia and will lay out the agenda in terms of how the IMF sees those meetings. So that is again going to be October 1, that's a Monday, here at the IMF, 11:00 a.m., and open to the media of course.

On Wednesday, October 3, a couple of days later, we will be releasing the analytical chapters related to a couple of our flagship reports, the World Economic Outlook and the Global Financial Stability Report. We will be doing this via a webinar. So, again, completely open to you, open to the press to plug into that, ask questions. A couple of interesting chapters, including the IMF's view on the financial crisis and other issues, including inflation, disinflation in emerging markets. So, some interesting things there.

The day after that, Thursday, October 4, Madame Lagarde will be in Tokyo for the Japan Article IV. And, again, open to the press, a press conference that she will do after that consultation.

And then October 8-14, I think as you know, we have our Annual Meetings in Indonesia. It's a packed program, lots of events and seminars open to the media. The WEO, the World Economic Outlook will be launched on Tuesday, October 9. We will also have the GFSR, the fiscal monitor. We've got a full program and, again, Media Relations can give you all the detail on that for those who are planning to attend. If you are planning to attend and haven't registered, please do so. We look forward to seeing you there.

Let me turn to your questions in the room.

Good morning and welcome.

QUESTIONER: Morning, Gerry. On Argentina. Can you tell us if Madame Lagarde is going to meet President Macri in New York on Monday?

MR. RICE: You know, I don't have a specific meeting scheduled between President Macri and Madame Lagarde. But, you know, what often happens at the UN General Assembly, given that there are so many world leaders there, that they do tend to meet. They meet in the margins of meetings or they meet at events that they're attending together. So, it wouldn't be surprising to me if Madame Lagarde and President Macri were to meet at the UN General Assembly. I just don't have a scheduled meeting or time for that right now.

Anything else from you on Argentina?

QUESTIONER: Yes. Is there any news on the next meeting of the Board where the new arrangements of the program with Argentina are going to be considered?

MR. RICE: Okay. Anything else on Argentina?

QUESTIONER: Yeah, Alfonso Fernandez from the Spanish News Wire, EFE. Just a follow up. Is Minister Dujovne expected to come over here for like discussions on the Board or for a formal announcement? And is it going to be before the end of September as the Minister said a couple of weeks ago?

MR. RICE: So, let me take those questions together and I'll give you as much information as I have. I'll try and respond to your questions and then we can always do follow ups if needed but let me give you the information I have.

So just to put things in context, over the past week, the IMF team, led by Roberto Cardarelli, who is the Mission Chief for Argentina, has been in Buenos Aires and we have been meeting with the authorities, officials of the Ministry of Economy and the Central Bank of Argentina. What I can tell you is that important progress is being made toward strengthening Argentina's economic policy plans, supported by the IMF standby arrangement, which as you know was previously announced in the amount of $50 billion. We are working very hard to conclude the staff level talks in short order. And as Christine Lagarde has stated, we share a common objective, and that's to reach a rapid conclusion so as to be able to present the proposal to our Board as soon as possible.

Just to answer your questions, I don't have a specific timeline, either on the conclusion of the discussions or the presentation, when it will be presented to the Board. But, again, important progress, we believe has been made this past week and short order is what we're looking at in terms of moving this forward.

So, because the discussions are ongoing, I don't have a lot of information on specific financing measures or other issues, as is the case with all of our discussions with countries in program. When the discussions are going we tend not to get into the details from this podium so as not to preempt those discussions. Maybe it would be helpful if I just could add that the draft budget that the authorities submitted to Congress just on Monday, a few days ago, we believe is a fundamental part of the authority's plan to strengthen their economic policies and to boost confident. And we thought it very important that the proposed budget protect spending on social assistance and health. And, in particular, the budget includes an expansion of coverage of the universal child allowance and health. And, again, we believe this is key in light of the economic challenges facing the country.

So, again, that's about as much as I have on Argentina, but, you know, happy to take a follow up if you have one.

Alfonso?

QUESTIONER: Yes. Could it be possible that the conversation in the Board will be delayed until after the Annual Meetings due to all of the things that are going on here, like busy weeks? So, if it's possible that the final decision about this new loan, restructure loan, will be like after the Meetings? So, it will be like second part of October?

MR. RICE: So, what I'd say on that is, again, I don't have a timeline for you, but again I want to reiterate, we are in the mode of full support to Argentina and the Argentine people. The IMF is fully supporting their efforts. We want to do this as quickly as possible, in short order. Again, I don't have a specific date or timeline on that, but I'm trying to impress a sense of urgency around this.

Okay, I'll take David and then, Katerina, I'll come to you.

Good morning, David.

QUESTIONER: Hi. Good morning, Gerry. Thanks for the question. As you know, President Trump has gone ahead with his, I guess some would call it the third round of tariffs on China, $200 billion worth of goods that go into effect next Monday. And, of course, he's threatened again, if China retaliates -- which it is -- put in motion that he will go bigger with another $267 billion worth of products. I'm just wondering sort of what strains you're starting to see on emerging markets that sort of supply both of these economies. You know, for example, will this increase the urgency on providing some help to Argentina and to other economies that are going to be in need?

MR. RICE: You know, what I would say, David, is we're still assessing the impact of the trade measures that have been announced. And we are analyzing that carefully and we will be in a position to give a more detailed assessment of that in a few weeks’ time, including via the World Economic Outlook.

What I can say today is that, you know, depending on the specifics of course and how they play out, that the imposition of additional tariffs by the United States on Chinese imports could come at a significant economic cost. Again, we're in the process of assessing that. The impact obviously depends, in terms of China, for example, the impact on China, on how much China's domestic policies would be adjusted to dampen the negative growth effects and the impact of the trade dispute on global confidence and financial conditions.

In terms of the U.S., we expect its growth would also be affected. I don't have any numbers for you today, but again we'll be looking at that and offering that at the time of the WEO. And, of course, should the escalation go further, as you suggested, the economic costs for both countries and around the world will quickly add up. Christine Lagarde has said before, and I'll just repeat it here, there are no winners in global trade war. And it's critical that we continue to look for agreed solutions.

On your question about the emerging markets, David, Christine Lagarde also talked about that quite recently actually, and said that the trade tensions indeed are another challenge that the emerging markets are all facing in terms of the overall economic climate. She also talked about the tightening of financial conditions, you know, the changes being made in monetary policy, as another common challenge that the emerging markets are facing.

So, we stand ready, of course, to help our emerging market members as needed, but it's a situation we're watching closely, and we'll have much more to say on this at the time of the WEO.

Katerina, let me take your question.

QUESTIONER: Thank you, Gerry, Katerina Sokou with Kathimerini and Skai TV. If I may first follow up on the trade tensions and ask a more specific question about Canada. How do you view the prospects for that economy given the trade interdependence and economic interdependence between the U.S. and Canada if a NAFTA deal is reached without Canada in it and with the increased trade tensions continuing? Have you done any research on that?

MR. RICE: You know, we are hopeful that there will be an agreement and we are supportive of an agreement being reached.

We will be doing more, assessing more the impact of the situation as it stands again in the context of the WEO including an updated forecast for the Canadian economy. I mean, what I would say, Katerina is that again, we know negotiations have resumed between Canada and the U.S. and we are hopeful an agreement between all three NAFTA partners can be reached soon to support trade and growth in the North American region. We think it is important for all three of those partners. But more to come in a couple of weeks.

QUESTIONER: Thank you. And a question on Greece. Where does the IMF stand on the spending cuts by one percent of GPD next year and pensions and it is something that may be postponed or canceled all together as the Greek economy -- as the Greek government is requesting? What would that mean for the Greek economy and would it require a constant (inaudible) to pursue the primary surplus targets?

MR. RICE: You know, an IMF staff team just returned from staff visit to Athens. Joined the European institutions for their first visit. This was in the context of what is called the European enhanced surveillance framework, the monitoring process that’s underway. Discussions centered on 2018 fiscal developments, the preparation of the 2019 budget and the directional structural policy so all the things that you are asking about Katarina, were discussed.

I wanted just to make clear, this was a staff visit for us. As you know there is no IMF program with Greece, primarily to targeted at updating our understanding of fiscal developments and plans with no formal reports. So, in terms of our assessment of primary supports and all of that, I would refer you to the article, the most recent Article IV of, you know, quite recently actually so I think the information there is still current.

Amongst other things, Katerina, it said that the preliminary findings were that the government is broadly on tract to reach the near-term growth and fiscal targets, so our next report will be early 2019.

On the pensions which you asked about, just a reminder that, you know, these were the measures agreed in 2017, some time ago. So these are not new measures, okay, I know you know that but just so everybody understands that. And our view is that implementing these measures will not only improve Greece's long-term prospects but send a clear signal to investors that the government will indeed stay on track with reforms.

Our view has been on the pensions that, you know, the need to shift to a more growth friendly, actually more socially inclusive fiscal policy mix is helped by a pension reform which would move in this direction. Why? Because it frees up fiscal space for non-retiree social spending which remains as you know low in Greece and would help to reduce the high tax burden.

QUESTIONER: Good morning. Thank you, Gerry. I would like to follow up on trade if possible. As you know there are some suggestions even demands to reform the World Trade Organization and international trade rules by the U.S. administration and recently the European Union joined these suggestions. What does the IMF think about this? Is there a need to reform the World Trade Organization and could it help to reduce trade tensions that we are seeing?

MR. RICE: We have noted those reports that you refer to and we will be looking at them in a bit more detail in the coming days.

In terms of reform of the trade system, the international trade system, we have actually said quite a lot about that in recent times. And, I mean, maybe two things. Number one, we think that international trade over the past generation has helped the global economy a great deal and helped to, amongst other things, boost prosperity for people all over the world and reduce poverty in many places of the world in significant ways.

The second thing I would say, and we have said this on the record, we do see areas where the international trade system can yes, be improved, reformed, strengthened and we have talked about those. For example, in the area of services, it’s a place we think that the international trade system can be improved. In the area of e-commerce which is relatively new but it's an area where the trade system we think could be usefully adjusted, reformed. We have also talked about, while I said trade has benefitted people massively across the world over the last generation, people who have been left out of the process and who have indeed been hurt by trade. There are pockets of people in various parts of the world where that has been the case and we have said we should be looking at measures that can help to mitigate the negative effects of the current trade system on those affected people. So those are all areas where we think that improvements can be made, reforms could be made but we strongly support a free and fair global trade system.

QUESTIONER: Okay, thank you so much. And I have one question on Turkey. Today the Turkish government revealed a new economic plan, and this came after the 625 pages points increase in the policy rate by the Turkish central bank very recently. How do you view these efforts aimed to stabilize the economy and reduce the vulnerabilities? Thank you.

MR. RICE: We take note of the announcements made to which you are referring today and the forecasts. We will be assessing these in more detail and the measures that will help the authorities achieve their goals and we will do that in light of our earlier recommendations from our Article IV.

As with other countries, we are in the process of updating our Turkey forecast and these will be released at the time of our World Economy Outlook publication in a few weeks' time during the Annual Meetings.

Let me take a few things on line. I will come back in the room briefly at the end but there are a few questions on line. There are a couple of questions actually on Ukraine. So, let me take those. And the questions are from the National News Agency of Ukraine.

Could you comment on the conclusion of the IMF mission meetings with Ukraine I think was the question in Kiev? Did they discuss the possibility of a new standby program for Ukraine? What are the prospects of the next disbursement in the frame of the current EFF program?

And a second question, media announced recently, leaked that the current EFF program for Ukraine might be substituted by a new IMF standby with revised conditionality. Are you considering that possible?

Mr. RICE: We have had a staff team in Kiev discussing with the Ukrainian authorities the continuation of our efforts to support policies on reforms that support macroeconomic stability and growth in Ukraine and on possible financial assistance from the Fund. I don't have any further detail on those discussions which are ongoing as I said. And I don’t have a specific date for the conclusion, but we will keep you posted as that situation unfolds.

There is a question on Zimbabwe and I want to take that. It's from Matthew Lee who is asking can you give us the status of steps toward any IMF program in Zimbabwe in light of reports that Britain will support Zimbabwe to get an interim IMF program to help the country quickly clear its foreign arrears.

MR. RICE: What I would say is we see the new administration of President Mnangagwa has expressed commitment to strong economic reforms and supporting reforms will require a comprehensive stabilization and structural reform program from the authorities and financial support from the international community to provide space for these reforms.

Where the IMF is, we stand ready to help the authorities design a reform package that can help facilitate the clearance of external payment arrears to international development banks and bilateral official creditors and that then would open the way for fresh financing from the internal community including potentially the IMF.

But, again, just to stress as we said before, potential financial support from the Fund is conditional on the clearance of those arrears to the World Bank, the AFDB and financing assurances from bilateral official creditors. We are working with the Zimbabwean authorities in the meantime to provide policy advice and technical assistance that might help, could help move that process forward.

There is a question on Indonesia and the annual meetings and I want to take that given that we are just a couple of weeks out, a few weeks out from the Annual Meetings. And the questions are from the Jakarta Post asking about the status of preparations in light of, you know, the earthquakes and natural disasters and so on. What is the status?

MR. RICE: You know, what I would say on that is of course with the Indonesian authorities, we continue to monitor developments relative to the safety of all participants attending the meetings in Bali coming up in October. We are most reassured by the efforts that the Indonesian authorities are taking, and we look forward to very successful Annual Meeting in Indonesia, working closely with our Indonesian partners. We think the arrangements being made are excellent and again will lead to a very successful meeting.

Clearly and you can tell from your questions here today, the meetings are taking place at a key moment for the global economy, so I think there will be a great deal of interest in the issues being raised. We expect more than 15,000 participants in those meetings, the usual constituents. It is indeed the largest gathering of economic policy makers and practitioners in the world and they will be looking at these issues. So, it’s a full agenda. I think is an exciting agenda, the preparations are going full speed ahead, and are excellent and as I said at the beginning, we hope to see as many of you there as possible.

Is there anything further in the room? Then I want to thank you very much for coming along today and thank you for your questions. I look forward to seeing those of you who will be in Indonesia soon and if not, we will make sure that you are able to cover the meetings in real time via technology as much as possible. So, thanks again, see you soon.

IMF Communications Department