Global Policy Agenda: Act now, act together
“The world economy has been hit by one shock after another—Covid, Russia’s invasion of Ukraine, and climate disasters on every continent,” Kristalina Georgieva, the IMF’s managing director, said at a press conference on her global policy agenda.
“They continue to harm people’s lives, and they have caused a cost-of-living crisis.”
In her remarks, Georgieva said that this week provides an opportunity to work towards minimizing the risk of policy missteps. Appealing for policymakers to act with a sense of urgency now and to act together, she emphasized the need to bring down inflation, ensure responsible fiscal policies, and safeguard financial stability.
Debt, food insecurity, climate change, digitalization and inequality must also be addressed urgently.
The IMF is working with its 190 members on these challenges, Georgieva noted. Since the pandemic began, the Fund has provided $260 billion in financial support to 63 countries; since Russia’s invasion of Ukraine, the Fund has supported 18 new and augmented programs with close to $90 billion.
The Resilience and Sustainability Trust—the Fund’s first ever long-term financing instrument to support the transformation of economies—is now operational, with pledges of $40 billion. And a Food Shock Window has been opened to provide rapid financing for urgent needs.
