Press Briefing Transcript: Julie Kozack, Director, Communications Department, October 2, 2025

October 2, 2025

SPEAKER: Ms. Julie Kozack, Director of the Communications Department, IMF

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MS. KOZACK: Good morning, everyone, and welcome to this IMF Press Briefing. It's great to see you all today here in person and online. I'm Julie Kozack, Director of the IMF's Communication Department.

As usual, this Press Briefing is embargoed until 11 a.m. Eastern Time in the United States. I will start as usual with a few announcements, and then we'll turn to your questions in person on WebEx and via the Press Center.

Starting with the announcements, the Managing Director is currently in Kuwait participating in the annual GCC Ministerial Meetings. She's also taking the opportunity to meet with the Kuwaiti authorities and the Arab Fund for Economic and Social Development, along with other engagements.

Turning now to the launch of our various products ahead of the Annual Meetings, WEO Chapter 3, which is entitled Industrial Policy: Managing Trade-Offs to Promote Growth and Resilience, will be launched tomorrow, October 3rd. Both WEO Chapter 2 on Emerging Market Resilience: Good Luck or Good Policies?, and GFSR Chapter 3, Global Shocks, Local Markets: The Changing Landscape for Emerging Market Sovereign Debt, will be launched jointly on October 6th. GFSR Chapter 2 on Risk and Resilience in the Global Foreign Exchange Market will be launched on October 7. The Fiscal Monitor Chapter, How Public Spending Can Contribute to Economic Growth: the Role of Spending Efficiency and Composition will also be launched on October 7.

The Managing Director will deliver her Curtain Raiser Speech on Wednesday, October 8th, at 10 a.m. The Curtain Raiser will be held at the Milken Institute in Washington, D.C. The speech will focus on the outlook for the global economy and key policy priorities. It will be followed by a fireside chat between the Managing Director and Michael Milken, Chairman of the Milken Institute. This event will be live-streamed on IMF.org.

And finally, the 2025 Annual Meetings of the World Bank Group and the IMF will take place from Monday, October 13th to Saturday, October 18th, 2025. Press registration to attend the Annual Meetings in person is open. You can register on the IMF Connect website.

And with that, I will now open the floor for your questions. For those of you connecting virtually, please turn on both your camera and microphone when speaking. All right, let's open the floor.

QUESTIONER: My question is about Ukraine and the Annual Meeting. So, the Ukrainian delegation is going to participate in the Annual Meeting here. Will the IMF discuss concrete steps with Ukraine in launching new program? And in this context, could you please provide some more details about the new program at this time, what is considered the EFF or Standby Arrangement for Ukraine. And could you please share any updates on the expected financing levels and the timeline for this project?

And secondly, if I may, two weeks ago you said the IMF team continues to assess Ukraine's financing needs for the 2026 period and beyond the medium-term. Do you have any new estimates of Ukraine's external financial gaps through 2026? Thank you.

MS. KOZACK: Thank you.

QUESTIONER: Good morning. First, on new line of external financing, will these new funds repay the outstanding debt of Ukraine before the IMF, as it exceeds $10 billion, as we can see in the open information on the IMF side. And the second question about external financing, does the IMF stay confident that Ukraine will have sufficient funds that it needs for 2026 and beyond?

MS. KOZACK: Any other questions on Ukraine? If there's anyone online who wants to comment on Ukraine, please go ahead and jump in. Okay, let's go ahead with Ukraine.

So, as I think we all know, following the Ukrainian authorities did formally request a new program with the IMF. Following this request, our Staff are very actively engaged with the Ukrainian authorities. As with any new program request, the new agreement will require, of course, or any new arrangement will require an agreement on the policy measures that the authorities will take as well as sufficient financing. And that will of course take the form of IMF financing.

And in the case of Ukraine, we're also having discussions with Ukraine's partners and donors, and we will need financing assurances as well for the new program. Once those are all in place and we have reached a Staff-Level Agreement and we have financing assurances at that point, we can then present the program to our Executive Board for approval.

I can also add that as part of the ongoing engagement that we have with the Ukrainian authorities, as you know, the Managing Director met with President Zelensky in New York last week. They did discuss Ukraine's current economic situation, the authorities reform agenda, as well as the IMF's ongoing commitment to continue to support Ukraine in line with our standard practice, we do expect to be meeting with the Ukrainian authorities during the Annual Meetings. And so, our discussions of course will continue at that time.

With respect to many of the specific questions on financing needs, on type of program, on the overall financing envelope, those are all part of the discussions that are ongoing. So, I don't have any details to share with you now, but I can certainly tell you that we'll keep you informed as those discussions progress.

QUESTIONER: Good morning. Since the IMF August Mission confirmed previously undisclosed debt and data reporting, can you confirm whether all hidden liabilities have now been fully identified or should Senegal or Senegalese citizens and leaders more undisclosed amounts? And there have been also many, let's say, multiple rounds of discussion between Senegalese authorities and the IMF. Yet without a clear breakthrough. With the IMF Board Meeting this October, should we expect another missed opportunity between Senegal and the Fund? This is for Senegal.

The second question concerns the regional aspect. You have heard that over 30 deaths and 190 injuries in Madagascar. Is the IMF following the situation, and how does it assess what's happening? Does the IMF see itself solely as a financial actor, or does it also recognize a responsibility for social stability and cohesion in the countries it supports, particularly in the face of crises affecting young people in general in Africa, but especially now in Madagascar and the wider population? Thank you very much.

MS. KOZACK: Okay, any other questions on Senegal? Okay, so let me share with you what I can on Senegal.

So first, I want to just kind of step back a little bit to say, the Senegalese authorities and IMF Staff share a very strong commitment to constructively resolving the misreporting case in Senegal. And I want to acknowledge the very important steps that have already been undertaken by the Senegalese authorities. They have conducted successive audits of public debt data, beginning with a report by the Inspectorate General, followed by the Court of Auditors, and most recently, an audit by a reputable international firm.

And I think from our side, we are very appreciative of the time and the energy that the Senegalese authorities have invested in producing these detailed reports and for granting our Staff full access to the findings of the report.

Based on this comprehensive work that we have done jointly and with tremendous effort, as I said, from the Senegalese authorities and all of the information available so far, we are ready to move to the next phase of our engagement. Our Staff is ready to move to the next phase of our engagement, which, of course, would be program discussions, and we expect to be able to start those discussions during the Annual Meetings.

I can also add that our Executive Board will meet tomorrow to discuss the Senegal case, and we expect to communicate the outcome of that discussion also tomorrow.

And let me just finally reiterate that the IMF is committed to working with the authorities on a new program that delivers macroeconomic stability, resilience, and inclusive growth for the benefit of all of the Senegalese people.

Now, let me turn to your question on Madagascar. Let me just start by expressing my very deep sympathy to the people affected by the tragic events in Madagascar. Our hearts do go out to those who have lost loved ones or who have suffered injuries. We are closely monitoring the situation in Madagascar. We are aware that a new government will be appointed in the coming days. We are committed from our part to supporting Madagascar for the benefit of all of the Malagasy people and especially the young people in the country.

QUESTIONER: I had a question about inflation and sort of how the IMF is viewing inflation in the global economy that's being caused by tariffs. What we're seeing in the marketplace is that companies are kind of slow to raise prices for consumers. They've been absorbing a lot of margin. But I'm just wondering if the IMF is starting to see that shift a bit and to see more companies raising prices. What is the impact on inflation from that?

And also, as part of that question, does the IMF have concerns about the quality of data that we're starting to see coming, especially out of the U.S., given the questions over data collection? Now we have a government shutdown, which is going to not give us a jobs report on Friday, and other data could also be affected by that. Will we not be getting sort of a clear picture of what is really happening in the economy? Thanks.

MS. KOZACK: Okay, thanks very much. Are there any other questions on maybe on these topics, kind of inflation and data?

QUESTIONER: I guess I wanted to just ask, six months after the tariffs have come in, the[n] how do you see the inflationary impact of those tariffs in terms of sort of a one-term effect or a longer-lasting effect?

And if I may, on the question of Fed independence, I'm just wondering if your view has evolved at all. We've had obviously the court case brought against a sitting Fed governor. You have the head of the CEA temporarily sitting as a Fed governor as well. I just wonder how the IMF is viewing those developments in the context of Fed independence and the importance of tackling inflation. Thank you.

MS. KOZACK: Okay, very good.

QUESTIONER: My question is on U.S. government shutdown and what is the impact by the government shutdown? Not only on the U.S. economy, and also on the general meeting, U.S. General Meeting this month? And on top of that, yes, there are many concerns on government shutdown or U.S. labor market weakness, but stock prices, U.S. stock prices have updated records almost every day. And is there any concerns on potential deep correction in the future? And my last question is on the Federal Reserve's appropriate rate path, and without data, what is your view on the future rate path of Federal Reserve? Thank you very much.

MS. KOZACK: Anyone else on these topics? Let's just ask online.

QUESTIONER: Can you say what more specifically towards the Fed shutdown? What implications has IMF done any assessment, early assessment, to state what possible implications are there for the broader context of the U.S. economy, as well as those countries, especially the small developing countries, who are economically dependent on the United States?

MS. KOZACK: I don't see any other questions, so let me go ahead. So let me start with the global picture, and then I'll move to the U.S.

So maybe just starting with where we see the global economy in broad terms, we have seen that the global economy has shown resilience amid persistent uncertainty. We see global growth in the first half of the year having held steady, but we are starting to see signs of a slowdown globally.

Now, with respect to inflation, what we see globally is a bit of a mixed picture. So we do see some countries where headline inflation, particularly outturns fairly recently, kind of showing some upward pressure. So, we've had stronger prints with headline inflation in the UK, Australia, and India, for example. In the U.S., we see some evidence of pass-through of tariffs to prices, and we see that in core inflation. And then we have countries where inflation pressures are very muted, for example, in China and some countries in Asia. So, I think globally on the inflation side, we see a fairly mixed picture. And part of that may reflect the fact if you look, if you recall back from the April WEO, when our Economic Counselor, our Chief Economist, Pierre-Olivier Gourinchas, was talking about, for some countries the increase in tariffs would be a supply shock, particularly for the country imposing the tariffs. But for other countries, it would act more like a demand shock and that could be suppressing inflation.

Maybe specifically on this issue you were asking about what's happening with companies within firms. We do see firms absorbing some of the tariff impact. So that seems to be part of the a contributing factor to the fact that we've seen relatively limited impact so far on inflation in the U.S. How long that will last, I think, is a question. And that's something obviously that will be covered in more detail both in the WEO, which will be released in two weeks, and also then of course, in the U.S. Article IV, which will take place in November.

And then let me now turn to some more U.S.-specific questions, because there were quite a few of those. Regarding the questions on the U.S. government shutdown, what I can say here is that we're obviously monitoring developments carefully. Given that it's early days, we are still forming our assessment of the potential impact of the shutdown. And of course, that impact will depend very much on the duration of the shutdown and the modalities of the shutdown. And we certainly hope that a compromise can be found to ensure that the federal government remains fully funded.

On the question on asset prices here, what I can say is that if you look at recent editions of our Global Financial Stability Report or GFSR, we have raised concerns about stretched asset price valuations, you know, globally, and that's both in the equity market and in some cases in other financial markets. And we will have an update of that assessment in the upcoming GFSR, which will also be released the week of the Annual Meetings.

With respect to, there were some questions on Fed independence and U.S. monetary policy. What I can say is, I think our position is quite clear, independent but accountable central banks are an important policy tool. Independence helps increase the credibility of central banks. So, it is important for central banks to retain independence, but to do so also with accountability. And I think we've been clear on that.

With respect to the future rate path for the Fed, given the situation in the U.S., we do see a softening labor market, and we also see that inflation is on a path toward the Fed's target, but it's subject to upside risks. So, our view is that the Fed has appropriately lowered the policy rate at its last meeting and that the Fed will continue, will have to continue to monitor the incoming data closely as it considers its next policy decision.

And then I think there was one question on data and data quality. And here what I can, I can just to maybe talk to the broad principles, which are that, of course, in the U.S., at the IMF, we are very supportive of, you know, strong data quality and transparency of data. This is important for policymakers generally across the world. And it's something that continues to be very important for all of our members to have good and reliable data and statistics.

QUESTIONER: Kristalina Georgieva said they have been in close contact with the U.S. Treasury regarding to aid to Argentina. Today in the morning, Scott Bessent talk[ed] about that again. Do you believe this assistance should be implemented as soon as possible, even before the October elections in Argentina to calm the markets? And another question is, last week Gita Gopinath said that lasting progress will require in Argentina to adopt a more flexible exchange rate regime. Is the IMF considering that option after the elections in October? Thank you very much.

MS. KOZACK: Thanks.

QUESTIONER: Considering Argentina's negotiation with the United States Treasury, what is the role of the IMF right now?

MS. KOZACK: Okay. I assume we have questions online.

QUESTIONER: Well, my first question is for the IMF. What are the causes that explain why Argentina is facing an exchange rate crisis? And related with that, what should be the appropriate measures to cool this crisis? And my last question, does the IMF state confidence in the Argentina economic plan? Thank you.

QUESTIONER: I was wondering if the IMF has any concern about the Argentinian program given the negotiations of new financial support from the U.S. and the comments of Mr. Caputo that he will be selling up to every dollar to defend the effects regime. Thank you.

MS. KOZACK: Thank you.

QUESTIONER: So my question is, did the Milei's government previously warn the IMF about the last restrictions on the purposes of financial dollars for individuals and temporary zero export duties for agricultural products? And on the other hand, is the IMF concerned about this week's declining bond prices following the announcement of the U.S. Treasury loan? Thank you.

MS. KOZACK: Okay, thank you. Anybody else want[s] to come in on Argentina?

QUESTIONER: Yeah, just a quick follow-up. Is the Managing Director or anyone sort of within the senior management of the IMF planning to meet with any of the Argentinian delegation before the Annual Meetings? So, in the next sort of week or two. Thanks.

MS. KOZACK: Any other questions online on Argentina? Okay, so I'll share with you what I can today on Argentina.

So first, I want to emphasize that we are continuing to work closely with the authorities to support Argentina's path to more sustainable and private sector-led growth. And as part of this dialogue, the Managing Director, as you know, met with President Milei and Minister Caputo last week on the margins of the UN General Assembly meetings. We welcome the announced support from Argentina's partners, the United States, but also the World Bank and the Inter-American Development Bank. And here we are engaging very closely with all of these partners as we jointly move to support Argentina.

I can also add with respect to some of the questions on policy that we believe that strengthening confidence and sustaining the tremendous progress in reducing inflation will continue to require the authority's unwavering commitment to the fiscal anchor, supported by consistent monetary and an FX framework aimed at rebuilding reserves.

And then of course, regarding the ongoing program, we also continue to emphasize the need to build broad political support to secure the implementation of the Authority's ambitious reform agenda and to strengthen confidence. That's what I can share with you on Argentina today.

Okay, I don't see any hands up in the room. So let's go online. I see a number of hands online.

QUESTIONER: Pleased to meet you all today, and thank you for taking my questions. I have two questions, mainly about Egypt. As we know, Egypt is anticipating a visit by the IMF mission for the discussions regarding the Fifth and Sixth Reviews of the EFF loan program scheduled in the fall. So, is there any update on the arrival timing of the mission or there are consultations or discussions that will be held during the Annual Meetings scheduled on 13th of this month?

My second question is the IMF always urges the Egyptian government to post and pushing forward the reforms agenda and empowering the private sector. There is some of new updates in the Egyptian market, specifically, especially, regarding the new inflows some of GCC countries committed to investing in Egypt. How the IMF see these updates could boost the discussions of the two reviews under the program and the discussions for the first review of the RSF as well. Thank you so much, Julie.

MS. KOZACK: Other questions on Egypt? I see some online.

QUESTIONER: So the first question is from your perspective as the IMF, what have been the most challenging reforms that Egypt has successfully undertaken so far, and which critical reforms remain unaddressed? And other question, when you call for deeper structural reforms in Egypt, what exactly do you mean?

MS. KOZACK: I think I have a few others online on Egypt.

QUESTIONER: My question is also about Egypt. When will the IMF mission to Egypt will arrive? And what are the reforms linked to the Fifth and Sixth Review, and also for the RSF review?

MS. KOZACK: So let me maybe just step back a little bit. Despite challenges and a series of external shocks, the Egyptian authorities have taken decisive steps to stabilize the economy. And this particularly includes unifying the exchange rate and tightening monetary and fiscal policies.

And the results of this are starting to show. Annual inflation declined to 12 percent in August. Investor sentiment has improved. The fiscal overperformed the targets under our program. And very importantly, growth strengthened further to 4.4 percent in FY '24-25 in Egypt. So those have been some very important achievements for the Egyptian authorities and, very importantly, for the people of Egypt.

Now, with that macroeconomic stabilization underway, it's now critical for Egypt to move to carry out deeper reforms to unlock the country's true growth potential, create high-quality jobs for a growing population, and to sustainably reduce remaining vulnerabilities. And of course, all of this is important to increase the country's resilience to shocks.

So, as we have announced before, the Fifth and Sixth Reviews of Egypt's program are expected to be combined. The timing of the reviews, the precise timing, is under discussion with the authorities, but we do expect that it will be undertaken this fall. And importantly, moving ahead with the reviews will depend on progress with reforms that have been agreed with the authorities, and these include, improving the business environment and creating an economy that is opening and welcoming to the private sector. More specifically, we're talking here about implementing the state ownership policy and the asset divestment program, which have been agreed with the authorities. This will help reduce the role of the state in the economy and level the playing field between the state and the private sector. And we certainly hope that progress in these areas can be made soon.

And maybe I'll just say a few words also on the RSF. The reforms that Egypt is advancing under the RSF include integrating climate goals into its macroeconomic policy, implementing the renewable energy roadmap, and enhancing climate risk monitoring in Egypt's financial sector.

Okay, let's move on. I know I still have some questions online.

QUESTIONER: In light of the recent tariff impositions, does the IMF anticipate revising the Economic Outlook for the APEC region, particularly for India?

MS. KOZACK: Okay, any other questions on India? Okay, so let me take this one. So what we are doing now is we are in the process of really finalizing our revised projections for all of our member countries, including, of course, India. We will be releasing those projections as part of the next World Economic Outlook, which will be released in about 10 days. So it's the Tuesday of the Annual Meetings week, which I think is October 14th if my dates are correct. So at that time, we will have a revised projection for India's growth.

And of course, that revised projection will take into account all of the developments that have happened since the last projection in July. So, including any trade-related developments, as well as incoming data, policy changes made by the authorities, and all other relevant data. So in just about 10 days we will have a revised projection for India.

And maybe I can also add that we will of course also have a region-specific press conference covering the Asia Pacific region and that will be later in the week of October 13th. And that will also provide an opportunity to have a more detailed discussion of developments in in specific countries in Asia.

Let's go back online.

QUESTIONER: I have a couple of questions. First one, when expect a new target review for Ecuador's program, which are the most important targets and challenges that the IMF expects Ecuador to overcome? And also I would like to know what is IMF's point of view is regarding oil subsidy cuts and compensation measures in Ecuador. Also, there are already strike and protest. Do you think this is going to affect economic growth in Ecuador?

MS. KOZACK: Okay, thank you. Are there any other questions on Ecuador? Okay, so let me maybe step back on the first question on where are we with the program.

So just to remind, on July 18th, the Executive Board completed the Second Review of the EFF program with Ecuador. And at that time, our Executive Board also approved an augmentation of the program of about U.S. $1 billion. And so that raised the total size of the program to about U.S. $5 billion.

With respect to the specific question on what are the next steps. Our Staff is currently working with the Ecuadorian authorities to determine a suitable timeline for the next review of the program. And that will include, of course, the specific dates for the mission.

I can also add that program performance has been strong. The authorities successfully met all of the quantitative targets in end-December and end-April under the Second Review. They also made notable strides in advancing important reforms outlined in the program.

I think with respect to the challenges that Ecuador faces, it does face challenges due to oil price volatility globally and tighter external financing conditions. Even though investors have recently started seeing Ecuador as a bit less risky, it is still a challenge for the country to access international capital markets in the very near-term.

And finally, I want to add that the increasing frequency of natural disasters, as well as an unsettled security situation, pose additional challenges for Ecuador. And so those are some of the challenges that the country faces.

QUESTIONER: About oil subsidies and the protests in Ecuador?

MS. KOZACK: Yes. So on the issue of the fuel subsidy reform and the protests, so let me just first express our concern over the recent unrest in Ecuador. And we encourage all parties to engage in a constructive dialogue aimed at restoring calm and working toward a lasting solution for Ecuador.

And more specifically, on why is fuel subsidy reform important in Ecuador and how is it designed? So, one of the priorities of the government has been to make fuel subsidies in Ecuador more targeted. But at the same time, the government has prioritized a robust social protection mechanism that is aimed at safeguarding the most vulnerable in Ecuador. And we at the IMF, we do support this approach because it is part of a broader effort to enhance fiscal sustainability in Ecuador while also ensuring that the most vulnerable members of society are protected.

What we have seen, and maybe just stepping back further, and this doesn't just apply to Ecuador, but in our broader analysis, what we've seen as we've done analysis on fuel subsidies across the world is that generalized fuel subsidies tend to disproportionately benefit higher income groups and they can also create vulnerabilities related to corruption and smuggling. So the goal of fuel subsidy reform is to redirect resources to those in society who need them most, but also to then preserve space for other critical spending that is needed in the country. And that applies also to the case of Ecuador.

Okay, I see a few questions coming in online through the Press Center. One, two on Sri Lanka.

QUESTIONER: I have two questions. The first is, can you confirm the review timeline for Sri Lanka, and what are the key components that the IMF Staff will be looking at this time around? And secondly, the 2026 budget is coming up later this year, and what is the IMF's expectation when it comes to new borrowings to support the government? Thank you.

MS. KOZACK: Okay. Okay. Are there any other questions on Sri Lanka? If there's anyone online on Sri Lanka, please go ahead and jump in. So I'm going to read the two questions that I have through the press center.

They are the following. Ratings agencies have stabilized Sri Lanka's debt outlook. Will the IMF recommend the government to enter fresh lending with these updates? And the second question is, what are the conditions of the Fifth Review that Sri Lanka's government should meet at this stage specifically?

And then we have another question: is the EFF with Sri Lanka aims to restore macroeconomic stability, debt sustainability and financial sector stability, while also promoting structural reforms to boost growth. What's the IMF's assessment about the progress Sri Lanka has made so far?

So let me take those questions on Sri Lanka. So just stepping back to remind everyone that on July 1st, our Executive Board completed the Fourth Review under the EFF Arrangement with Sri Lanka. And this provided Sri Lanka with $350 million to support its economic policies and reforms. And it also brought total financial support from the IMF to U.S. $1.74 billion.

What I can add is that Sri Lanka's comprehensive reform program has continued to achieve impressive progress. Inflation remains low, revenue collection from the government side is improving, and international reserves continue to be accumulated. There has been a post-crisis rebound in growth to 5 percent in 2024, which is a remarkable achievement. The revenue-to-GDP ratio in the budget improved to 13.5 percent of GDP from 8.2 percent in 2022, which is also a significant increase, although still work to be done. The debt restructuring process is nearly complete. Program performance overall is generally very strong, and the government remains committed to the program's objectives.

And what I can say with respect to the timing of the next review is that we do have a mission on the ground now in Sri Lanka to conduct the Fifth Review of the EFF. Given that the team is now currently in discussions with the authorities, I won't say more other than to say that, of course, the team will communicate at the end of the mission.

Okay. I think I have maybe one more person online.

QUESTIONER: I wanted to ask you about Colombia. President Petro has said that they're canceling or stepping back from the IMF Flexible Credit Line and that there's the sense that that's a symbol of strength and not of economic vulnerability. I wanted to know if that's how the IMF sees it. Also, there's been some turbulence in the relationship with the U.S., given the speech at the UN General Assembly. So either on that or whether there are any visa issues in your upcoming meeting at the IMF, if any of the countries slated to come, countries, territories, or otherwise, if you're aware of any kind of visa or entry problems.

MS. KOZACK: So on Colombia, I think what I can say there is that the cancellation of the FCL is a sovereign decision of the member country. And of course, at the IMF, we respect that decision that Colombia made.

What we can also add on Colombia is that the country's international reserves remain adequate by our metrics and they continue to be strengthened, especially as the economy expanded by 1.6 percent in 2024, and 2.5 percent in the first half of 2025. So we see an economy that is expanding in a solid way. We do see that inflation is continuing to ease in the country and that the financial system remains generally resilient in Colombia.

And then on the question about the Annual Meetings, I think what I can say there is, just as at the Spring Meetings, you know, we do look forward at the IMF to welcoming all of our members who wish to attend to the Annual Meetings. We had a very robust showing at the Spring Meetings, and we look forward to the same at our Annual Meetings.

And I see I have one more question online. I'm going to take this last question and then we're going to wrap up.

QUESTIONER: Two quick questions. First, one has to do with the team is in town for a Fifth Review of Ghana's program with the Fund. What are your expectations, not going into specifics, please? And also, are you satisfied with measures being put in place to ensure that there is fiscal discipline post Ghana's program with the IMF, which will end in May 2026, please?

MS. KOZACK: First, let me just step back to say that on July 7th, the IMF's Executive Board completed the Fourth Review of Ghana's program with the Fund. Ghana received about U.S. $367 million at that time, and total support under the program reached $2.3 billion since May 2023.

As you alluded to, we do currently have a team on the ground in Accra for the Fifth Review under the program. The team is holding discussions with the authorities and other stakeholders. Obviously, the team is going to be assessing continued progress made under the program, and the mission will conclude on October 10th. So I don't have much more to add regarding those discussions, but we would expect, of course, the team to communicate in due course.

With respect to your second question, what I can say here is that Ghana has made meaningful progress in laying the foundation, for fiscal discipline beyond the IMF program. Key reforms, and I'll talk about a few of them, which are lasting reforms which we expect to last beyond the program. A few of these key reforms are a revamped fiscal responsibility framework, the establishment of an independent fiscal council, and improvements in public financial market management, which aims at really improving and supporting the efficiency and effectiveness of public spending. These are all very important steps in sort of ensuring that fiscal discipline can be durable.

Maybe I can just add some details that fiscal responsibility framework includes a primary balance rule requiring an annual fiscal primary fiscal surplus of at least 1.5 percent of GDP, and it also includes a public debt target at 45 percent of GDP. So that fiscal responsibility framework provides some guidance for policymakers as they seek to instill and entrench fiscal discipline in Ghana and to ensure that debt remains sustainable in a durable way. And of course, continued implementation of these reforms will be essential as Ghana moves forward and as the program concludes, as you noted in 2026.

So with that, I'm going to bring this Press Briefing to a close. I want to thank everyone for your participation today. And as a reminder, the briefing is embargoed until 11:00 a.m. Eastern Time in the United States.

As always, a transcript will be made available later on IMF.org and if we did not have time to get any of your questions, please reach out to the media team via the Press Center and we will follow up with you bilaterally. I wish everyone a wonderful day, and I look forward to seeing you at the Annual Meetings and at the next press briefing. Thank you.

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