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The Treasury Department is releasing today the concluding statement by the staff of the International Monetary Fund following this year's Article IV Consultation with the United States. This statement represents IMF staff's independent judgement and assessment of U.S. economic performance and policies.
In its statement, the IMF staff commends the United States for strong economic performance, a sound policy framework, and its contribution to the global economy. The IMF staff also takes note, however, of the recent economic slowdown, asserting that the principal policy priority for the United States in the near term is to revive economic growth. IMF staff adds that some short-term fiscal stimulus along the lines of the recently enacted tax cut will help insure against a sharper slowdown and notes further that the Federal Reserve's substantial easing of monetary policy since early 2001 has been appropriate. On external balances, the IMF staff notes that the current account deficit has reflected the stronger pace of economic growth and relatively higher rate of return in the United States and that further reforms abroad would help to ensure that the adjustment of external balances takes place in a manner conducive to strong global growth.
Release of this statement is consistent with a broad effort by the United States to enhance the transparency of the IMF. Thus far in 2001, nearly 90 percent of the IMF's members have published Public Information Notices (PINs) for Article IV consultations. In addition, in recent years, over sixty countries and regions, including the United States, have published the staff reports on their Article IV reviews and more plan to do so. The United States expects to release this year's staff report later this summer after it has been reviewed by the IMF's Executive Board.