A Roundup of the Major Developments at the IMF's 2022 Spring Meetings
I am immensely grateful to everyone who participated, in person and virtually, in the 2022 IMF-World Bank Spring Meetings over the past three weeks. This is an extraordinarily challenging period, as the world continues to grapple with the economic consequences of the ongoing pandemic and Russia’s invasion of Ukraine. Dealing with lower growth, higher inflation, rising food and fuel prices, and unprecedented levels of debt, along with the risks of fragmentation, pose an extraordinarily complex policy challenge for our member countries. In the face of these shared economic challenges, our member countries came together for the common good.?
The membership demonstrated their strong support for Ukraine, including through a new account at the IMF for donors to securely direct financial assistance to Ukraine. Leading central bankers committed to acting decisively to rein in inflation. Finance ministers and international organizations highlighted the importance of food security. With an increasing number of countries likely to come to the Fund for support, our membership voiced strong support for ensuring our continued ability to offer the financial support they need. ?
Leaders expressed growing concern about the increasingly unsustainable debt facing many low-income countries and the need for increased action to help them. We heard resounding calls to have debt resolution mechanisms that work, first and foremost by improving implementation of the G20 Common Framework—and China stepping forward on Zambia’s Common Framework treatment was a positive sign of progress during the Spring Meetings.
In a watershed moment for the IMF, our membership also strongly endorsed the establishment of the Resilience and Sustainability Trust. This adds a brand new tool at the Fund—our first long-term financing vehicle—so we can better help our member countries build resilience through longer-term transformation, particularly to tackle climate change and future pandemics. It?draws on the strength of international cooperation to help those in need—a principle underlying the IMF's work since its founding in 1944. What U.S. Treasury Secretary Henry Morgenthau said then remains true today “Prosperity, like peace, is indivisible.”
?See our 2022 Spring Meetings Overviews with daily recaps, photos and more.
April 13
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April 18
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April 22
During the Spring Meetings, Fund staff were able to showcase their analysis on the economic outlook in each of the regions…
?…and I was able meet and exchange views with many of my counterparts from around the world—such an important element of the global economic community coming together for the Spring Meetings:
Docencia en Citi
2 年I have few questions for you
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2 年@
The Founder of the Peace-Led Climate Friendly Sustainable Development Forum
2 年Dear Kristalina Georgieva Thanks for sharing the truly inspiring discussions. Cautiously excited about Sri Lanka. Thank you to the IMF for all and any help that can be extended to rescue this resource-rich, magical paradise. Hope the culprits will be published. Thank you. Chai ???????????