More synchronized action needed to tackle COVID crisis: IMF’s Georgieva By Reuters

More synchronized action needed to tackle COVID crisis: IMF's Georgieva

© Reuters. FILE PHOTO: IMF and World Bank hold Annual Meetings in Washington

LONDON (Reuters) – The international community needs to do more to tackle the economic fallout of the COVID-19 crisis, the head of the International Monetary Fund said on Monday.

“We are going to continue to push to do even more,” IMF Managing Director Kristalina Georgieva said during an online FT Africa summit.

“I would beg for also more grants for African countries. The World Bank has grant giving capacity. Perhaps you can do even more… and bilateral donors can do more in that regard.”

She added the Fund was pushing to shift more of its existing Special Drawing Rights (SDR) to countries that needed support most, and was “very committed” to finding “a way forward” for countries like Zambia now needing to restructure their debts.

She seemed reluctant, however, to use gold reserves, and suggested that a larger allocation of SDR was not on the cards for now.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

About us

InvestLab is a financial services technology company focused on the global trading market. Founded in 2010 in Hong Kong, the company develops trading, market data, and social research products that enable individual investors and small to mid-size brokers to access global markets. We provide brokers and financial institutions cross border capabilities for retail investors into 43 markets globally.