International Monetary Fund and Financial Committee (IMFC) Chair Nadia Calvino and IMF Managing Director Kristalina Georgieva summarized the outcome of the 46th IMFC at the 2022 IMF-World Bank Annual Meetings.
IMF Managing Director Kristalina Georgieva said that the messaging from the IMF is clear.
“There was also a recognition that they are there is more that we need to do, especially in the area of debt and urging the IMF to very forcefully step forward with possible solutions to the to bring more impactful needs in the common framework and also to proactively work for the creditors and debtors to seek early resolution to that problems that we need clear guidelines, we need more predictability, and we need fair treatment of all creditors, public and private. I want to finish by saying what I said in the end. We were running out of time that you turned to me and said, How would you sum up this meeting? And my summing up was, buckle up and keep going. And this is what we intend to do,” said Georgieva.
IMF Managing Director Kristalina Georgieva called for an end to Russia’s war on Ukraine.
“On a very on a human level and a practical level and objective level. Stop the war. Stop the war. I'm looking at this audience. Wouldn't you be thinking that this is the most straightforward, straightforward way to get the world economy in better shape? Stop the war,” said Georgieva.
IMFC Chair Nadia Calvino highlighted the global economic situation as a factor in the growth of far-right extremism.
“The current environment is obviously one of slowing down growth, high cost of living or increasing cost of living in many parts of the world. Deep changes that have to do with digitalization, climate change, also with the geopolitical shift which is going on, rising inequality in many of our countries also. And these is an environment which is quite open to the messages of people that have very simple and totally ineffective and wrong solutions to complex matters,” said Calvino
IMF Managing Director Kristalina Georgieva confirmed that an IMF loan to Egypt is imminent.
“We are now working on much smaller technical details. And yes, it has taken some time, but these are not trivial matters. It is it boils down to exchange rate. The policy in Egypt has to be thoughtfully designed. And as you know, there has been also change institutionally in Egypt, the change of the governor of the central bank. So the new governor does need to feel comfortable with where we are headed with the policy. So short answer. Stay tuned. It is really at the finish line to be crossed virtually within days,” said Georgieva.
To read the full IMFC Chair Statement Click Here.