IMF chief calls for global cooperation on pandemic, economic recovery

08 Dec '21

2 min read

Kristalina Georgieva. Pic: IMF

International Monetary Fund (IMF) managing director Kristalina Georgieva recently called for global cooperation to control the COVID-19 pandemic and support economic recovery as the new Omicron variant has spread to over 40 countries. "To address these challenges, urgent policy action is needed to control the pandemic, limit scarring, and transform the global economy," she said.

"The global economy has continued to recover, but the recovery faces many risks, including the uncertain path of the pandemic amid the arrival of new variants, and the outlook on inflation," Georgieva said in a statement at the conclusion of the sixth ‘1+6’ Roundtable convened virtually by China.

First, urgent action is needed to reach the IMF's pandemic proposal to vaccinate 40 per cent in each country by the end of this year and 70 per cent by mid-2022.

Second, countries need to cooperate to reduce trade tensions and strengthen the multilateral trading system, which is a key engine for growth and jobs.

Third, more ambition is needed to accelerate the transition to net-zero carbon emissions and to support climate adaption efforts, tapping all policy levers available.

Finally, many developing economies will need the global community's support in their recovery, as they face shrinking fiscal space and rising debt burdens, she was quoted as saying by a newswire.

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