Kristalina Georgieva cites Russia’s war in Ukraine and cost pressures caused by China’s zero-Covid policies
Global finance leaders should prepare for multiple inflationary shocks, the head of the International Monetary Fund has warned, as fears of a global economic downturn continue to hit markets around the world.
The IMF’s managing director, Kristalina Georgieva, said it is becoming harder for central banks to bring down inflation without causing recessions.
Russia’s invasion of Ukraine triggers protest as global growth and policymaking efforts are derailed
The risks of an upheaval in global financial markets has increased ‘on several fronts’ as a result of the war in Ukraine, the IMF said Tuesday.
Investors increasingly worried about rising infections and weak recovery in poor countries, report warns
The emergency support provided by central banks and finance ministries during the Covid-19 pandemic has fuelled speculation and left the world vulnerable to another financial crisis, the International Monetary Fund has warned.
Policymakers were faced with a “challenging” trade-off between continuing to support economic activity while preventing unintended consequences and medium-term financial stability risks, the IMF said in its half-yearly Global Financial Stability Review (GFSR).
The 190 countries that are members of the IMF are entitled to allowances in strong currencies which they do not have to pay back. This device is called Special Drawing Rights. To this we must add loans that the IMF can grant to a country calling for help. Loans must be repaid with interest and are tied to conditions that reinforce neoliberal policies.
In December 2020, on the occasion of the fifth anniversary of the signature of the Paris Agreement on Climate, the UN General Secretary sounded the alarm because the situation has fundamentally worsened. In this article we analyze what the World Bank and the IMF have done in connection with the environmental crisis and climate change.
The enormous economic dislocation caused by the COVID-19 pandemic offers a unique opportunity to fundamentally alter the structure of society, and the International Monetary Fund (IMF) if using the crisis to implement near-permanent austerity measures across the world.
76 of the 91 loans it has negotiated with 81 nations since the beginning of the worldwide pandemic in March have come attached with demands that countries adopt measures such as deep cuts to public services and pensions — measures that will undoubtedly entail privatization, wage freezes or cuts, or the firing of public sector workers like doctors, nurses, teachers and firefighters.
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More than 500 organisations and academics from 87 countries, including Arab NGO Network for Development, have issued a statement today calling on the International Monetary Fund (IMF) to stop promoting austerity and instead support policies that advance gender justice, reduce inequality, and put people and planet first.
The IMF has already begun locking some countries into long term austerity-conditioned loans, while encouraging countries to take such recovery measures through its short-term, front loaded emergency financing packages. Such policies will further entrench gender and economic inequality and undermine any chance of an inclusive recovery, especially as many countries in the Global South are expected to need more long-term financing in the near future.
