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Distinct Post > World > IMF chief demands strong countries to help others with debt woes
imf-chief-demands-strong-countries-to-help-others-with-debt-woes
World

IMF chief demands strong countries to help others with debt woes

Lisa Sean Published March 31, 2023
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Those strong Countries, that are in a relatively stronger position, should help vulnerable countries especially those under debt distress, International Monetary Fund managing director Kristalina Georgieva said on Thursday.

The International Monetary Fund (IMF) chief said such assistance would be particularly important against the backdrop of high-interest rates and currency depreciation.

Georgieva said at the Boao Forum for Asia that we urgently need faster and more efficient global mechanisms for providing debt treatments to these countries, adding that such mechanisms would significantly benefit both debtors and creditors.

Speaking at the #BoaoForum2023, I am inspired & reassured by the twin beacons of cooperation and solidarity guiding us during these challenging times. We are stronger together when we work in the spirit of cooperation & partnership to ward off the forces of fragmentation.

— Kristalina Georgieva (@KGeorgieva) March 30, 2023

Success would remove one important source of uncertainty to the global picture.”

Georgieva added.

Georgieva also said the IMF greets China’s engagement in the Common Framework program and participation in the new Global Sovereign Debt Roundtable.

The Boao Forum, frequently seen as Asia’s equivalent to the World Economic Forum’s annual meeting in Davos, Switzerland, is being held in the southern Chinese resort island of Hainan until Friday.

Thank you, government of #China 🇨🇳 for your gracious hospitality & the very engaging discussions.
I highly value our strong partnership with 🇨🇳 as we work together to foster global prosperity and development. pic.twitter.com/33Iv3K1Dab

— Kristalina Georgieva (@KGeorgieva) March 31, 2023

Georgieva also said nations need to work together to energize international trade equitably for more people to benefit from globalization, and diversify supply chains based on economic logic.

She said IMF research revealed the long-term cost of trade fragmentation could be as high as 7 percent of the international gross domestic product, and Asia as a highly integrated region would be the most adversely affected by runaway fragmentation.

Governments also need to protect vulnerable people in their own countries who have been especially hit hard in the past three years, Georgieva said, referring to the impact of the COVID-19 pandemic.

This means fiscal policy providing targeted support to those most in need or those most affected by food insecurity or the cost-of-living crisis.”

Georgieva added.

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