IMF Chief Kristalina Georgieva hails India’s G20 presidency, joint action on global challenges
On the final day of the 18th Group of 20 Summit (G20), International Monetary Fund (IMF) chief Kristalina Georgieva said that all the members attending the G20 Summit had embraced India’s Presidency of “One Earth, One Family, One Future”.
“I am also very pleased that the G20 welcomed the African Union as a permanent member,” she added.
Georgieva hailed the New Delhi G20 Leaders Declaration and said all the G20 countries and their representative leaders conveyed a strong consensus for joint action to address global challenges.
Georgieva talked about global recovery and how it is slow and uneven and underscored the need to pursue sound policies for financial stability and growth-oriented structural reforms.
Speaking at G20 Leaders’ Summit , Georgieva said, G20 members must lead by example in delivering on the promises of USD 100 billion per year for climate finance, supported by strengthening Multilateral Development Banks(MDBs).
The International Monetary Fund (IMF) has secured over USD 40 billion to support vulnerable countries through its Resilience and Sustainability Trust (RST) to build climate resilience, she said.
Countries also need to mobilize domestic resources to finance and manage the green transition through tax reforms, effective and efficient public spending, strong fiscal institutions, and deep local debt markets, she said.
Observing that global recovery from the COVID-19 pandemic is slow and uneven, she said, all countries should pursue sound policies to support economic and financial stability and growth-oriented structural reforms against this background.
This is especially important in emerging and developing countries, where such reforms can boost output by up to 8 per cent over 4 years, she said.
“We also need to further invest in international cooperation. This implies swiftly addressing debt problems where they arise, including through the G20 Common Framework and the new Global Sovereign Debt Roundtable,” she said.
To make the global economy stronger and more resilient in a more shock-prone world, she said, it is vital to reach an agreement to increase IMF’s quota resources before the end of the year and secure the needed resources for the Fund’s interest-free support to the poorest countries through the Poverty Reduction and Growth Trust.
Appreciating that India’s G20 presidency is a powerful reminder that when the international community comes together to solve global problems, much can be accomplished, she underlined the need to further strengthening the bonds of international cooperation to create a more prosperous and resilient global economy for all.
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Updated: 10 Sep 2023, 08:16 PM IST
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