IMF chief says ‘a shot in the arm’ fastest way for global recovery

WASHINGTON: As the global economy is arduously climbing out of the pandemic-induced recession, International Monetary Fund (IMF) Managing Director Kristalina Georgieva has called for accelerated vaccinations because “a shot in the arm” is the fastest way for the world economy to recover.
Warning against a “dangerous divergence” that threatens to leave developing and low-income countries behind in the process, the IMF chief has also advocated a green, inclusive and fairer recovery.
Meanwhile, China, one of the engines of the global economy, can play “an important role” in the post-pandemic recovery by boosting growth, revitalizing trade, supporting developing countries, as well as tackling climate change, she said.
While the global economic outlook has brightened due to massive policy support and vaccine rollouts, recoveries are diverging dangerously across and within countries.
“It is so very important to lift up the world economy by paying attention to this dangerous divergence. And this is why we are calling for collaboration of countries and a comprehensive support to those falling behind,” Georgieva said.
The number one priority for policymakers today is to “accelerate vaccinations everywhere for everyone,” said the IMF chief.
“A shot in the arm is the fastest way for the world economy to recover. And it is bringing tremendous value for all countries,” she said, adding accelerated vaccinations will increase global output by 9 trillion U.S. dollars between now and 2025.
Georgieva also urged the international community to provide more grants, concessional financing, debt restructuring, or even debt relief to those countries with vulnerabilities and high level of debts.
“The crisis has shown us how interdependent we are, and it has stressed for all of us the value of working together,” she said. – Xinhua