Page 2 - Kristalina Georgieva

WEF 2023: 'Fragmentation can cost up to 7% of global GDP', says IMF chief

Asking the world to be pragmatic and collaborate, IMF chief Kristalina Georgieva on Friday said fragmentation can cost up to 7 per cent of the global GDP. "If we don't unite now, we'll face significant risk to the economy and people's wellbeing," she said during a session on global economy on the last day of the World Economic Forum Annual Meeting 2023. The International Monetary Fund Managing Director said if we look at medium-term growth prospects, how we handle the supply chain issues, that will decide our future prospects. She said her message to the world is to "be pragmatic and collaborate". Asked what will take the IMF to upgrade its global growth forecast, she said, "Last year, we downgraded the growth projections three times and not downgrading further itself is good news at the moment." Also, the labour market needs to be looked at seriously, as for anyone, having a cost of living crisis and a job is much better than having no cost of living crisis and no job, she ...

Pak PM holds talks with IMF chief to break deadlock over next aid tranche

Prime Minister Shehbaz Sharif has made a telephonic call to International Monetary Fund chief Kristalina Georgieva to break the deadlock over the release of the next tranche of assistance for cash-strapped Pakistan, according to a media report on Friday. The contact was made four days before an expected face-to-face meeting between the prime minister and the IMF head on the sidelines of the Geneva Conference for flood victims. There was no official word about the contact but sources told The Express Tribune that the prime minister urged the IMF managing director to review the condition for the imposition of new taxes. He also sought relaxation in the demand to increase electricity prices to compensate for the deviation of around Rs 500 billion from the annual circular debt management plan. These remain the major stumbling blocks in reaching an initial understanding of a staff-level visit by the IMF to Pakistan. "However, the government stood ready to impose flood levy and windfall

Recession will hit a third of world this year, warns IMF chief Georgieva

A third of the global economy will be in recession this year, the IMF chief has said, and warned that 2023 will be "tougher" than last year as the US, EU and China will see their economies slow down. Kristalina Georgieva, the chief of the International Monetary Fund (IMF) made these grim assertions on Sunday during a CBS news programme "Face the Nation." It comes at a time when the ongoing conflict in Ukraine shows no signs of abating after more than 10 months, with spiralling inflation, higher interest rates and the surge in coronavirus infections in China fuelled by the Omicron variant. "We expect one-third of the world economy to be in recession," Georgieva said on the news programme. The year 2023 will be tougher than last year because the economies of the US, the EU and China will slow down, she said. "Even in countries that are not in recession, it would feel like a recession for hundreds of millions of people," she explained. In October last year, the IMF trimmed its growt

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Global economy faces tougher year in 2023: IMF's Kristalina Georgieva

"Why? Because the three big economies - the US, EU and China - are all slowing down simultaneously," she said

Trade divide could cost global economy $1.4 trillion: IMF chief Georgieva

Trade spats could cut 1.5% from global GDP; 3% in Asia

Buckle up, and keep going, says IMF chief as outlook for world economy dims

Here is a rundown of the key takeaways from the annual meeting of the International Monetary Fund hosted IMF Managing Director Kristalina Georgieva

IMF chief Kristalina Georgieva warns of risk of geopolitical fragmentation

There is a risk of geopolitical fragmentation, as geopolitics turn into geo-economics with negative impacts, warns IMF Managing Director Kristalina Georgieva

Central bankers must be 'stubborn' in fighting inflation: IMF's Georgieva

If fiscal policy & monetary policy worked well, next year might prove less painful. But if fiscal policy was not targeted sufficiently, it could become the enemy of monetary policy, fueling inflation

IMF looks at ways to help countries affected by global food shock

About 50 nations meet the criteria, with 20 to 30 being in need "immediately," Georgieva said

IMF chief pleased that Sri Lanka reached staff-level deal for $2.9 billion

The IMF chief Kristalina Georgieva on Sunday said she is pleased the Washington-based lender and the Sri Lankan government have reached a staff-level agreement to provide about USD 2.9 billion to help the bankrupt country, terming the deal as an important step forward. The International Monetary Fund (IMF) on Thursday announced that it will provide Sri Lanka a loan of about USD 2.9 billion over a four-year period to help the island nation overcome the unprecedented economic turmoil. The bailout package is expected to boost the country's credit ratings and the confidence of international creditors and investors. Very pleased that IMF staff and Sri Lankan government officials have reached a staff-level agreement to support the country's economic policies with a 48-month Extended Fund Facility of about USD 2.9 billion, Georgieva said in a tweet. This is an important step forward for Sri Lanka, she added. The new Extended Fund Facility (EFF) arrangement will support Sri Lanka's progra

IMF chief describes Sri Lanka as warning sign for nations with high debt

The IMF Chief made these straightforward remarks at the hybrid meeting of the G20 Finance Ministers and Central Bank Governors (FMCBG) held in Indonesia which kicked off on July 15

WEF summit: More forecast downgrades possible, no recession, says IMF

Members of the global elite are back in Davos after a two-year hiatus due to the pandemic

'Coin' in Bitcoin name doesn't make it money, warns IMF chief Georgieva

Anything not backed by a sovereign guarantee can be an asset class but not a currency, as she asserted that Bitcoin cannot be 'money' just because it has got 'coin' in its name.

IMF Chief Kristalina Georgieva tests positive for coronavirus

"Standard IMF and CDC (US Centers for Disease Control and Prevention) Covid protocols are being followed," Gerry Rice, IMF spokesperson, said in a statement

India's high growth rate positive news for world: IMF Managing Director

A high growth rate for India is positive news for the world, IMF MD Kristalina Georgieva has said.

IMF, World Bank chiefs warn of debt squeeze in world's poorest nations

As interest rates rise, the debt pressures are mounting on developing countries, and we need to move urgently towards solutions, World Bank President David Malpass said

FM meets IMF chief; discusses impact of geopolitics on global growth

Congratulating India on its successful vaccination programme to control spread of Covid-19, Georgieva also appreciated New Delhi for extending relief to other vulnerable countries to fight pandemic

IMF praises India's resilient economy, highlights structural reforms taken

The IMF MD Kristalina Georgieva lauded India's well-targeted policy mix that has helped the Indian economy remain resilient in her meeting with Finance Minister Nirmala Sitharaman in Washington DC

IMF chief hails India's help to Sri Lanka in dealing with economic crises

Georgieva made these remarks during the Spring Meetings of IMF-World Bank (WB) in Washington DC with Sitharaman