The International Monetary Fund (IMF) is an international organization affiliated with the United Nations, whose main focus is on providing loans to countries in difficulty and in coordinating economic policies in the world, as well as monitoring the economic policies of member countries. Yaba Cristalina said that “the world economy is facing a catastrophe, and this is its biggest test since World War II.”
When she said ‘disaster meeting’, Christina meant the combination of the Russia-Ukraine conflict, the corona plague, volatility in the financial markets and the ongoing threat of climate change. She claims Russia’s invasion of Ukraine adds to the economic effects created by the corona crisis and propels inflation to peaks not seen for decades.
“High food and energy prices are squeezing households around the world while central banks are tightening monetary policy to curb inflation and thus exerting heavy pressure on countries, companies and families that have fallen into debt.
“Combined with the spike in volatility in financial markets and the ongoing threat of climate change, the International Monetary Fund says the world is facing a potential catastrophe, our ability to respond has been hampered by the war in Ukraine. Disrupting growth and confidence in the global economic system “Christina added that” the uncertainty surrounding trade policy alone cut global GDP by 1% in 2019 “.
“The economy has taken center stage in discussions between the world’s great leaders, the economy is the leading issue, and inflation is everyone’s main concern,” said Carmeier Di Sibo, chairman and global CEO of consulting giant EY.
The solutions offered by the IMF
First, in order to address the trade problem the IMF called on governments to lower trade barriers to alleviate shortages and open bottlenecks in supplies, also called for reducing food and other commodity prices. The fund points not only to countries responsible for lowering prices but also to companies that need to diversify their sources of imports so as not to create traffic jams in the supply chains.
Second, the International Monetary Fund has pushed for joint efforts to deal with the debt of countries since 60% of low-income countries have significant debt impairment and will likely need to be restructured. The fund’s CEO notes that without cooperation to ease their debt their situation will become worse. A return to stability, however, will attract new investment and spur overall growth.
Third, the IMF called for the modernization of international payment systems, with inefficient payment systems as a barrier to overall economic growth. The institution estimates that the average cost of 6.3% on an international transfer means that about $ 45 billion a year is directed toward brokers and hurts lower-income households.
On the same issue, Georgia said “countries can work together to develop a global global digital platform – a new part of payment infrastructure with clear rules – so that everyone can send money at minimum cost and speed and maximum security. It can also connect different forms of money, including Digital Currency of the Central Bank. ”
In conclusion, Georgia urgently called for changes in the countries’ attitudes to the climate and to move from a state of general aspiration to improving the situation to an orderly policy in each country, beyond green access and investment in renewable energy while providing required compensation to those adversely affected by climate change.
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3.
I did not understand one thing …
Does not matter
23/05/2022
20:48
0
0I did not understand one thing … what is her name? Gorgina or Gorgiva?
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2.
Although it is indeed
To Ron
23/05/2022
19:12
1
0“Perfect storm” but it too will pass one day ……
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1.
Store food that is expected to starve
Mass starvation
23/05/2022
18:30
3
1In the next three years
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unfortunately
To Ron
23/05/2022
19:18
0
0There will also be mass starvation in Africa, India despite the wheat exports that have been exported in the past, Egypt, Iran and more
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Do not need
To Ron
23/05/2022
19:17
0
0Knowing how to cut trees, you just need an ax for the wood division, so you don’t have to “store food” Firstly, there is an emergency farm and secondly, those who knew not to buy unnecessary things will leave money for the foundation,
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