Washington DC Video Production "Never Refuse the Call" The Story of the International Monetary Fund
Channel: Dorst MediaWorks
Date: 2018-10-31

Economic hardship can strike anywhere. Before World War II, countries rarely sought outside advice on monetary and fiscal policy. But as the global economy zigs and zags, who do countries turn to? The IMF never refuses the call. In 2017, more than 180 countries worked closely with the IMF on issues important to them.

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Credits: Produced, directed, shot, written, edited by Dorst MediaWorks

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RESOURCES
https://www.imf.org/external/index.htm

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VO: Economic hardship can strike anywhere.

VO: But the IMF never refuses the call.

VO: Before World War II, countries rarely sought outside advice on monetary and fiscal policy.

VO: But as the global economy zigs and zags, who do countries turn to?

VO: The IMF provided financial assistance to 52 countries at the height of the global financial crisis, among them Ireland.

Patrick Honohan, Former Governor, Central Bank of Ireland: The banks were unable to finance themselves. It was clear that something had to be done.

Jai Chopra, Former Mission Chief, IMF: The most important thing was to stabilize the banks.

Patrick Honohan, Former Governor, Central Bank of Ireland: It was a classic moment for appealing to the IMF for financial assistance.

VO: More often, countries simply want advice on monetary and fiscal policy. The IMF's close cooperation with Vietnam on macroeconomic policies has helped attract foreign investment and achieve inclusive growth, benefiting millions of people.

Mr. Vo Tri Thanh, Senior Expert: Before, we were a very closed economy. Now, we have become the most open economy in the world in terms of trade and FDI.

Mdm. Nguyen Thi Hong, Deputy Governor, Central Bank: The International Monetary Fund’s technical assistance to train officials from various government agencies has helped Vietnam strengthen its capacity. (Và cái việc mà IMF cung cấp các cái hỗ trợ kỹ thuật để tăng cường đào tạo về hỗ trợ cho các cán bộ nhiều cơ quan chính phủ Việt nam)

VO: The IMF's hands-on assistance with Colombia helped it resist a big economic shock.

Ricardo Avila, Editor-in-Chief, Portafolio: The impact on the Colombian economy is the biggest since the great depression of the 1930s, and despite that situation, the Colombian economy was able to continue growing positively. (El impacto que recibió la economía colombiana es el más grande desde la gran depresión de los años 30 del siglo pasado, y a pesar de esa situación, la economía colombiana pudo seguir creciendo positivamente.)

Andres Velasco, General Director, Macro-Economic Policy, Ministry of Finance: The constant interaction with the International Monetary Fund was very useful. We were also able to gather the necessary resources to consolidate Colombia's public finances in the medium term. (Fue muy útil la interacción constante con el Fondo Monetario Internacional. Logramos reunir los recursos necesarios para consolidar las finanzas públicas de Colombia en el mediano plazo.)

Text: This past year, the IMF lent $136 billion to 30 countries to help surmount crises, aid reforms, and spur growth.

Text: This past year, the IMF also provided policy advice to 135 countries and trained 10,000 civil servants in 183 countries.

Mauricio Cardenas, Minister of Finance, Colombia: The role the International Monetary Fund plays as advisor is very important.

Danny McCoy, CEO, IBEC: The IMF had a very positive role in confidence-building in Ireland.

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