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IMF Santiago 2014

Challenges for Securing Growth & Shared Prosperity in Latin America International Monetary Fund • Ministry of Finance, Republic of Chile

IMF Santiago 2014 IMF Santiago 2014



2:30-7:30 pm

Registration/badge pick up


8:00 am

Registration/badge pick up

9:00-9:30 am

Conference Opening Remarks

  • H.E. Michelle Bachelet, President, Chile   Webcast Opening Remarks by Michelle Bachelet
  • Christine Lagarde, Managing Director, International Monetary Fund   Speech Opening Remarks by Christine Lagarde | Webcast Opening Remarks by Christine Lagarde
9:30-10:30 am
Plenary Session 1: Economic and Social Challenges in Latin America   Webcast Plenary Session 1: Economic and Social Challenges in Latin America

Over the past 15 years, economies in Latin America have become stronger, and social progress and poverty reduction have seen significant improvements. However, compared to peers in other parts of the world, social indicators remain weaker and inequality higher, and the emerging middle class is making its own demands on governments. This session will examine the main social and economic challenges facing the region, and consider ways that economic policy can advance employment growth and social progress more widely.

Moderator: Gabriela Frías, CNN en Español


  • Christine Lagarde, Managing Director, IMF
  • Alberto Arenas, Minister of Finance, Chile
  • José Miguel Insulza, Secretary General, Organization of American States
  • Luis Alberto Moreno, President, Inter-American Development Bank
11:00 am- 12:00 pm
Plenary Session 2: Dealing with Risks to Protect Growth   Webcast Plenary Session 2: Dealing with Risks to Protect Growth

Prospects for commodity prices have weakened, and growth has decelerated sharply in a number of Latin American countries. In this context, how can policies contribute to sustaining growth? What do these trends mean for management of commodity revenues and economic diversification going forward? How can countries best promote and profit from global and regional integration?

Moderator: Augusto Alvarez Rodrich, economist and Peruvian journalist


  • Jeff Currie, Global Head of Commodities Research, Global Investment Research Division, Goldman Sachs
  • Huang Haizhou, Managing Director, China International Capital Corporation
  • Carmen Reinhart, Minos A. Zombanakis Professor of the International Financial System, John F. Kennedy School of Government, Harvard University
  • Alejandro Werner, Director, Western Hemisphere Department, IMF
  • Alejandro Vanoli, President, Central Bank of Argentina
12:30-2:00 pm

Opening Remarks

  • Alejandro Micco, Undersecretary of Finance, Chile

Luncheon Keynote Address

  • Nicholas Barr, London School of Economics
1:30-2:15 pm

Press Conference   Webcast Press Conference

  • Christine Lagarde, Managing Director, IMF
  • Alberto Arenas, Minister of Finance, Chile
  • Rodrigo Vergara, President, Central Bank of Chile
2:30-3:45 pm
Plenary Session 3: Transitioning to Less Friendly Global Monetary Conditions

Global market developments during the May-August 2013 "taper talk" sparked volatility in some emerging markets. This session will focus on the challenges in the region associated with the normalization of U.S. monetary conditions, including ongoing and possible spillovers to Latin America, and the possible role for international policy coordination.

Moderator: José De Gregorio, Former Governor, Central Bank of Chile


  • Olivier Blanchard, Economic Counselor and Director, Research Department, IMF
  • Agustín Carstens, Governor, Bank of Mexico
  • Alexandre Tombini, Governor, Central Bank of Brazil
  • Rodrigo Vergara, President, Central Bank of Chile
  • Stephen Poloz, Governor, Bank of Canada
4:00-5:00 pm
Plenary Session 4: Productivity and Growth   Webcast Plenary Session 4: Productivity and Growth

With the secular commodity price boom petering out, international financial conditions becoming less accommodative, and activity in some parts of Latin America constrained by supply-side bottlenecks, economic growth is likely to settle below the high rates of the past decade. Addressing these challenges will require a recalibration of macroeconomic policies, efforts to reduce vulnerabilities, and deeper structural reforms. Key issues include upgrading infrastructure and improving educational outcomes, and other steps to spur productivity.

Moderator: Juan Manuel Astorga, TVN


  • Luis Felipe Céspedes, Minister of Economy, Chile
  • Jorge Familiar, World Bank
  • Andrea Repetto, Professor of Economics, Adolfo Ibáñez University
  • Rafael Mateo, CEO, Acciona Energy


8:00am - 12:00pm

Registration/badge pick up

9:30-10:45 am
Plenary Session 5: Income Inequality and Social Progress   Webcast Plenary Session 5: Income Inequality and Social Progress

A decade of strong economic growth in Latin America has boosted employment and compressed wage inequality. Average real incomes rose by more than 25 percent since 2000, with the poorest 40 percent benefiting the most. For the first time ever, more Latin Americans were part of the middle class in 2011 than lived in poverty. Still, about 80 million people remain in poverty, and 40 percent of the population is at high risk of sliding back into poverty in the event of shocks. Moreover, the region trails other emerging markets in terms of inequality and social indicators, with the World Bank estimating it would take 41 years, at current growth rates, for Latin America to match global top performers. This session will discuss these challenges and consider a need for second-generation reforms to underpin recent progress toward a shared prosperity.

Moderator: Eduardo Porter, New York Times


  • Nora Lustig, Samuel Z. Stone Professor of Latin American Economics, Tulane University
  • Ricardo Paes de Barros, Advisor to the President, Brazil
  • Juan Cristóbal Beytia, Executive Director, Acting CEO and Chaplain, Techo
  • Winnie Byanyima, Executive Director, Oxfam International
  • Alejandro Foxley, President, CIEPLAN
  • Santiago Levy Algazi, Inter-American Development Bank
11:00 am-12:15 pm
Plenary Session 6: Finance and Growth: Challenges for the Next Decade   Webcast Plenary Session 6: Finance and Growth: Challenges for the Next Decade

Since 2000, the region's financial sector has been growing at a robust pace. Banking credit to the private sector in Latin America increased on average by 7 percent of GDP from 2004 to 2011, with real credit in some countries growing by up to 20 percent per year. At the same time, many people have not benefited from the rapid growth in the financial sector. This session will consider ways to maintain stability while ensuring continued growth and opportunity.

Moderator: Vittorio Corbo, Former Governor, Central Bank of Chile


  • Alfred Hannig, Alliance for Financial Inclusion
  • José Viñals, Financial Counselor and Director, Monetary and Capital Markets Department, IMF
  • Roberto Zahler, Director, Banco Santander Chile
  • Julio Velarde Flores, Governor, Central Bank of Peru
  • Nathan Sheets, U.S. Department of the Treasury
  • Mauricio Cárdenas, Minister of Finance and Public Credit, Colombia


2:00-3:00 pm

Plenary Introduction   Webcast Plenary Keynote Address

  • Alicia Barcena, ECLAC Executive Secretary

Plenary Keynote Address

  • Jeffrey Sachs, Director of the Earth Institute, Columbia University
3:00-3:15 pm

Conference Concluding Remarks   Webcast Conference Concluding Remarks

  • Alberto Arenas, Minister of Finance, Chile
  • Christine Lagarde, Managing Director, IMF (Press release xxx)

End of Conference


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