So why isnt it easier to finance these huge need for infrastructure and that someone unless countries. What is the seem to be a kind of chronic i would not useecular stagnation but the difficulty in getting the firms that actually exist to do their work. And anything and anything else you want to say. Thank you. Thank you for a very inspirational talk. I do think you know, when the music changes and you have a different dance i have different dances that come out of this dance around infrastructure spending. The reserve has shown that we had a long time for the public capitol stock essentially infrastructure has come down as a percent of gdp in low income countries, Something Like 40 percentage points, 20 25 years . So it is not a shortterm phenomenon that Infrastructure Investment i think it has been a longterm phenomena. We have tried to rely for a long time on the private sector, private business to deliver the infrastructure and i think now what we are realizing what is really important to have this as a agenda item is that infrastructure in developing countries has to have both affordability and low carbon sustainability built into it right now. And those and those are two things that pure private sector Infrastructure Investment wont necessarily do so there has to be a blending and combination if we want to get infrastructure really moving there there are all kinds of reasons people have talked about why is difficult different types of capital are not exactly the same. Savings available in the investment needs. Lets put them together because you need a different type of capital for project preparation of the different type of capital for the construction, different type of capital for the operations. All of those have to be blended, i think, in a much more innovative way than what we have done so far. You know, in a way way, to be honest we dont have even models in rich countries about how to do that well. Rich countries well. Rich countries are finding it difficult to keep their infrastructure up to standard. So you know, this is an area which i think it really does really does need to be developed. It will take some time. Lots of exciting new ideas are out there. One of the things that i i think we must recognize on infrastructure is that even though the private sector will contribute it is still the case that most Infrastructure Projects are debtfinanced. Some inevitably if you want to go in a major way into Infrastructure Investment there will be a build up of debt. If people are scared of debt and so i was actually very heartened to hear that neither new tools that have been developed to actually think from a micro perspective about one of the real benefits of public investment, to be able to weed out the inefficient and you know, know, infrastructures command there have been plenty of those that do not do anything to the bottom line on merit growth and to be much more, you know finegrained about understanding where we could have inclusive, sustainable infrastructure and where it is just going to be you emphasize the efficiency. It efficiency. It is also an issue of income statements. If you are spending and thereby straightening your Balance Sheet you can be okay. I am not sure straight Balance Sheets and income statements are aligned and recalled the same fashion. If it was the same accounting principle the private sector would be a lot easier. The rate would not be accounted the same way. Im just guessing. Not giving an interview here. Efficiency, aside from the accounting principles i think the efficiency also comes if i may want to affordability, sustainability. Efficiency affordability, sustainability. Efficiency has to be part of it as well. There many countries, many projects we have studied is a a very large margin of efficiency. Very rapidly. And its everything. He did make another. The papers in the country its about drm private sector businesses, doing the design of all those things. But reminds us as you see an enormous amount of private investment in the charts, it does not mean that every dollar of private investment is the same as every dollar, the same as every dollar of a or anything else, and it is worth remembering if we we go to the poorer countries, social services generosity real generosity remains absolutely vital. Quickly. Clicks your. About looking more closely at Investment Management two quick questions, is it a critique of the barriers of the world bank to do that . And visit linkedin that way to whatever you might have from the imf because the issue that is on the outlines the recapitalization but not just the new Infrastructure Bank but recapitalization in the future of the old . Well, first of all, maybe that is an aside. Maybe. Im not sure that i understand the question. Need more capitol. You know, my first thought was no in my second is yes. Quick so we should take two or three. I know were almost out of time completely, but we still want to take two or three audience questions. So i will first the lady there. But please, it has has to be a question command quick. No one statements. All right. That is what you do. Mexico. [speaking in native tongue] [speaking in native tongue] [speaking in native tongue] okay. Very quickly for everyone else. As an american originally from the democratic republic of the congo you would like to know how you can participate in the program and be an active member. All. All i can say is that please give me the file. I have a team here in the front row will be able to take it. If you can participate from Civil Society and programs we will be very happy to reach out to. Thank you. Thank you. Clicks great. Clicks next person please. All right. This gentleman there. Yes. Identify and in your question. Clicks former imf. Managing director, thank you very much for sharing your agenda and vision for an improved Sustainable Growth the conclusion prospects. In this regard this current context of low growth my debt and Financial Market volatility make policy petition challenging to say the least even with the imfs new vision. You touched upon the article four assessment. In this regard i see that basically the process of global adjustment of payments imbalances has remained quite disorderly. This is certainly not helping the process of structural reform and adjustment and even ample financing in these conditions is likely to be insufficient. Are you satisfied with the efficacy of the funds surveillance effort . If not, what can be done to improve it . And hear only one example. The european context. We have major countries that continue to exhibit high current account surpluses in excess of eight and 10 percent of gdp. Is this something that worries you . Can something be done . Is asymmetry asymmetry it . Thank you. Okay. Okay. We have to be a little quicker. The gentleman that the glasses. Johns hopkins. Two quick questions. To what extent do you think the failure of the Great Program we talked about with the imf right now, to what essence is that undermined the imf credibility in developing countries and potentially finding alternatives to support themselves and to what extent does the fund report responsible for a result of the elections . According to many the publication of the report sustainability supported because it was politicized by the government. Thank you. We really should stick to the topic. I should add. They always argued that there should be a reorganization. Please stick to the topic. Gracious enough. We could stay here another two hours. I hours. I would be excited about it but not today. People in the audience might advocate for that. Making international news, quick question on ukraine. Some have accused the imf of giving preferential treatment to ukrainian debt. Is it the case that that countries is viewed by the fund has essentially to geopolitically big to fail . Thank you. And maybe one last of the land. Yes. Such enthusiasm that there was no way. Thank you so much. The energy division. Madame, he mentioned macro stability of one of the important. Important. My question is regarding fiscal spending and developing countries. Often times very procyclical how do you envision the imf helping committee working together with the world bank and strengthening institutions that are inherently political to make sure that spending is less cyclical and more strategic and more focused on longterm . I think that is it for today. Christine. I am going to focus on the last question. It is clearly pointed. I very strongly believe. I dont want to represent the pres. s view. He is big enough to do that by himself. I think he shares my view. We have to cooperate and to cooperate on the ground and we will have an announcement to make on friday actually in that respect. In order to help countries in the developing world with a special focus on the french iles past conflict apply fiscal policies that will be conducive to growth. We cannot we can do that in two different ways. Other we have a program of the country and in that case we can help designing Work Together to mother or there is no program because the country is not needed. At least we can give policy advice that makes recommendations in that direction. We can certainly work in close cooperation with the bank in other countries. I look forward to continuing to do that and amplifying that cooperation. You will be able to demonstrate. On the other topic clearly unrelated to the particular matter of interest to the audience, but i will just make one point because it is a misunderstanding i would like to clarify. The recently published sustainability analysis is that the debt sustainability analysis on two pages was put on the public website which the greek citizens consulted in order to determine their position. Given that this was produced by the European Institution for those of you who have known the imf will have read the sustainability analysis, it has nothing to do the typical work that we do in such circumstances. We thought it would be honest and transparent to also publish our so that everyone could have access to it. I can assure you that it has been used by one side and by the other side equal talent and success, and we are very proud of the analysis which is not the funniest document in the world being so explosive on both sides. Done wonders for economics. Anyway, thank you. We have so many things. Of course we could continue to discuss, but i do really salute the fact that the imf and you personally a behind the conference. This remains a huge priority to the world community. There will be Something Like 4 billion africans by the middle of the century. There are huge there are huge needs and the fact that organization like the imf has extended its analysis and its ambition from stability and growth and stable framework to inclusive growth to Institutional Development to the issue of gender and women who i think this is something we should really be happy about. I do hope my have to add that when the imf actually goes to the country all of this remains a priority and does not somehow disappear into a concluding footnote. Thank you very much and please be seated while madame lingard x. I have the feeling that the rain has stopped. Okay. [applauding] really really good. [inaudible conversations] on the next washington journal thought republican congressman on efforts to reform the no child left behind act and other education issues before congress. Then democrat Loretta Sanchez on the us strategy against isys in iraq and syria. Norcross of george mason universities with the results of their report ranking the physical condition or State Government. Of State Government. Washington journal live each morning at 7 00 a. M. Eastern. Thursday house ways and means chair paul ryan discusses the us economy and tax policy at an event hosted by politico live at 8 00 a. M. Eastern here on cspan2. This week on first ladies, influence and ladies influence and image, Lucretia Garfield and Mary Arthur Mcelroy. An educated woman in the believer in womans rights husband was assassinated. She returned to ohio and insureds legacy by making their home into an early version of the president ial library. Chester arthur a widower becomes president , and his sister, mary sister Mary Arthur Mcelroy fills the role first lady and establishes white house social etiquette used by future first ladies for decades. Lucretia garfield Mary Arthur Mcelroy this sunday night at eight pm eastern on cspan2 original series first ladies, influence and image amazing thing the women who fill the position and their influence on the presidency from Martha Washington to Michelle Obama sundays at 8 00 p. M. Eastern American History tv on cspan2. Next from chicago florida senator and republican president ial candidate marco rubio talk about Economic Policy and the use of technology to foster job creation. He takes questions he takes questions about immigration, healthcare, and the National Debt. This took place at 1871 and entrepreneurial hub for digital startups. [applauding] quakes thank you. Thank you very much. Thank you for hosting us here today and being a part of it. I want to begin by pointing out the fact that it has been 15 and a half years since the 21st century ended. And it was a century in which our nation overcome depression the world against evil multiple times, and times, and recorded some of the greatest advancements in human history. Airplanes in the sky blueprints on the moon. The worlds knowledge first brought online. All of this was possible because we built with no civilization had never bill before a vibrant, stable, broad and accessible middleclass through which are people drove the affairs of the world. My world. My parents were to immigrants . Formal education reach the middle class and did so through humble jobs. First as an an Assembly Plant for launchers and in my mother went to work as a cashier, made and finally a stock clerk at kmart. My father kmart. My father was primarily a bartender for a hotel group. They never they never get rich. But my parents achieve the American Dream because through these modest jobs they reached Financial Security raised a family in a safe neighborhood provided for our needs and love their children with lives better than their own. More people achieve this American Dream in america and the 20 century that any other time in any other place in human history. Today many jobs like the ones my parents held no longer provide a viable path their jobs assembly launchers or even the cashier, mother held had likely been replaced by machines. Other similar positions have been outsourced or did the same wage for a decade or more. Most of those impacted like the qualifications to move in into better paying positions, the Higher Education they needed a question much time away from work. The result is that the path the middle class is narrower today than it has been for generations. The American Dream so many achieved in the last century is now in peril. This hardship it is not the result of an economic downturn and we will naturally correct itself. It is born of a fundamental transformation of the very nature of our economy the disruptions of which have been prolonged and compounded by the failure of our leader policies, and institutions to transform. There. There are two primary forces behind this transformation. The first is radical technological growth including the development of the internet and Information Information Technology for wireless mobile capabilities, robotics and more. The second has risen partly from the first and that is globalization. From where you sit you can sell a a product to someone on the other side of the world almost as easy as to the person on your left or right. This is pulled us in the competition with dozens of other nations for business jobs talent, and innovation over the last two decades not a single industry has been untouched by these forces. The disruptions have triggered a cascade of anxieties. Fewer fewer americans believe in the viability of the American Dream today and during the worst of the financial crisis 2,009. Many pundits and Media Outlets painted jury picture in which automation and outsourcing continue to shower the American Dream. But history is not silent on the subject. Tells us subject. Tells us the future is swayed by the actions we take. Generations of americans before faced equally disruptive transformation. For example, and the Industrial Revolution machines automated the tasks people have built their lives around. Like today the beginning and jobs are lost always were static and new wealth was concentrated at the top. Doubts and fears about the future widespread that something changed. But how children learn about the Industrial Revolution today new line it was a. Of progress. Yes, jobs were lost, but even more gained. Middleclass. Middleclass expanded thrived, and laid the cornerstone of the American Century. How did that generation overcome the challenges . It was not through resistance pushing back against new technology to resurrect all jobs. Mr. Adaptation. Business integrating new technologies coworkers learning new skills and leaders meeting in a new direction. Todays technological revolution carries extraordinary charity. Opportunity. Even more than the Industrial Revolution did but we have not yet seen t