(MENAFN- Trend News Agency) U.S., WASHINGTON, April 19 . IMF members haveagreed on critical importance of rebuilding fiscal policy buffers,said the Managing Director of IMF Kristalina Georgieva during abriefing on the International Monetary and Financial Committee heldas part of the IMF Spring Meetings in Washington, Trendreports.
“What we want is a world where growth is stronger, livingstandards are higher and low income countries are not fallingbehind, and a world that is more resilient to the shocks that willcontinue to come. Our Spring Meetings' focus is on what exactly theIMF can be empowered to do for this world.
I am very pleased with the progress we have achieved in keyareas. First, we agreed on policy priorities. In addition to theneed to finish the job on inflation, we agreed on the criticalimportance of rebuilding fiscal policy buffers, revivingmedium-term growth prospects and renewing our commitment to supportthe government machine,” she said.
Second, Georgieva noted that the IMFC reinforces funds playimportant role in our low income countries, which have been hardesthit by recent shocks.
“We have increased our concessional financing by fivefold sincethe pandemic with 57 countries benefiting and we are stronglycommitted to continue this support and agreed to explore alloptions to fund our Poverty Reduction and Growth Trust includingthrough use of internal resources,” she said.
The managing director pointed out that it is necessary toaddress the challenge of rising debt, public debt and debt serviceare up across the world.
“But for some countries, this issue is particularly severe andpressive. To assist countries in that distress, we held anotherproductive meeting of the global sovereign debt roundtable inpartnership with the World Bank and with the G20 chairmanship ofthe Brazil presidency,” she added.
The Spring Meetings of the International Monetary Fund and theWorld Bank Group kicked off on April 15.
The main ministerial meetings and events will take place April17-19 with other events and activities taking place during theweek, April 15-20.
At the heart of the gathering are meetings of the jointDevelopment Committee and the IMF's International Monetary andFinancial Committee, which discuss progress on the work of theWorld Bank Group and the IMF.
The Spring Meetings bring together central bankers, ministers offinance and development, parliamentarians, private sectorexecutives, representatives from civil society organizations andacademics to discuss issues of global concern, including the worldeconomic outlook, poverty eradication, economic development, andaid effectiveness.
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