Press Release No. 13/01

Press Release: IMF Spokesman Comments on U.S. “Fiscal Cliff” Measures

January 2, 2013

Mr. Gerry Rice, Director of External Relations at the International Monetary Fund (IMF), issued the following statement today:

“We welcome the action by the U.S. Congress to avoid sudden tax increases and spending cuts, including through an extension of unemployment benefits during 2013. In the absence of Congressional action the economic recovery would have been derailed.

“However, more remains to be done to put U.S. public finances back on a sustainable path without harming the still fragile recovery. Specifically, a comprehensive plan that ensures both higher revenues and containment of entitlement spending over the medium term should be approved as soon as possible. In addition, it is crucial to raise the debt ceiling expeditiously and remove remaining uncertainties about the spending sequester and expiring appropriation bills.”