Faced with rising risks of recession, the International Monetary Fund (IMF)FMI) emphasized the urgency of supporting emerging markets and developing countries, which are vulnerable to the many shocks currently undermining global economic growth.
« We need to support emerging markets and vulnerable developing countries. It’s tough for everyone, but it’s even tougher in countries now suffering from a strong dollar, high borrowing costs and capital outflows.IMF Managing Director Kristalina Georgieva said Thursday in Washington.
Speaking at a press conference, he called it a “triple blow that is particularly difficult for countries with high levels of debt,” recalling the importance of acting on the debt front, especially for low-income countries.
« We must redouble our efforts to address food insecurity“, emphasized the CEO of the International Finance Corporation, recalling that 345 million people are in acute food insecurity.
In this sense, he recalled the need for “transformative” reforms to tackle climate change and the need to act with a “sense of urgency”.
On Tuesday, the IMF cut its global growth forecast to 2.7% in 2023, amid rising risks of recession in many economies.
In this volatile environment, the Managing Director of the IMF felt that it was necessary to act “now and collectively” to reduce inflation, develop a responsible budgetary policy and safeguard financial stability.
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