November 18, 2024
Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), addressed the G20 Leaders' Summit in Rio de Janeiro, Brazil. In her remarks, she expressed gratitude to global leaders for their trust in the IMF, which has enabled the organization to provide substantial support amid recent global challenges.
Georgieva highlighted that the IMF has injected over $1 trillion in liquidity and reserves while offering policy analysis and advice. "We work hard for your trust," she stated.
She outlined three key areas of focus for the IMF. First, strengthening financial resources was emphasized. The IMF increased its quota resources by 50 percent and exceeded the G20 goal by lending $100 billion in Special Drawing Rights (SDRs) to low-income and vulnerable middle-income countries. Additionally, a new long-term concessional lending instrument called the Resilience and Sustainability Trust was created.
Second, Georgieva stressed promoting macroeconomic stability and growth. With medium-term growth prospects at their lowest in decades due to high debt levels and geopolitical tensions, she noted that supporting members in rebuilding fiscal buffers is crucial. She mentioned collaboration with entities like the World Bank on initiatives such as the G20 Common Framework and Global Sovereign Debt Roundtable.
Lastly, she recognized the need for inclusivity within the IMF. Governance reforms are embraced to ensure that these objectives are met. "Governance reforms must continue," Georgieva concluded.
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