Marrakech (Morocco), Oct. 13, 2023: The International Monetary Fund (IMF) says it is collaborating with the World Bank to increase capacity to support low-income countries.<\/p>\n\n\n\n
IMF\u2019s Managing Director, Kristalina Georgieva, said this on Thursday in Marrakech, at the ongoing 2023 World Bank\/IMF Annual Meetings.<\/p>\n\n\n\n
Georgieva said that the support was under the aegis of the Poverty Reduction and Growth Trust (PRGT), which provides zero-interest rate loans to low-income countries.<\/p>\n\n\n\n
She said that 40 countries were helping the Bretton Woods institutions realise their target for the PRGT.<\/p>\n\n\n\n
\u201cI can tell you it warmed my heart when we met with contributors to see how much more expanded the family of PRGT contributors are.<\/p>\n\n\n\n
\u201cBig countries, small countries, rich countries, poorer countries coming together for the benefit of the most vulnerable in our global family,\u201d she said.<\/p>\n\n\n\n
The IMF managing director said that the fund would also secure the full amount of $40billion already pledged by donors to its new Resilience and Sustainability Trust (RST).<\/p>\n\n\n\n
She said that the RST offered financing to help vulnerable low and middle-income countries cope with the existential threat of climate change.<\/p>\n\n\n\n
\u201cThere are some encouraging signs that we will exceed $40billion,\u201d she said.<\/p>\n\n\n\n
She said that the world was presently experiencing severe shocks that were now becoming the new normal for \u201ca world that is weakened by weak growth and economic fragmentation. \u201d<\/p>\n\n\n\n
She, however, said that while countries like the USA had displayed the capacity to recover fast, some other countries still battled with economic challenges occasioned by COVID-19 and the Russian invasion of Ukraine.<\/p>\n\n\n\n
\u201cWe expect growth to remain low over the medium term , and we are faced with divergence in economic fortunes.<\/p>\n\n\n\n
\u201cSuccessive shocks since 2020 have pushed global output down by 3.6 trillion dollars as of this year. This loss is unevenly distributed.<\/p>\n\n\n\n
\u201cThe U.S. has already recovered to pre-pandemic levels, most of the rest of the world did not.<\/p>\n\n\n\n
\u201cLow-income countries have been hardest hit because they have had extremely limited buffers, so it was hardest for them to protect their economy; to protect their people,\u201d she said.<\/p>\n\n\n","protected":false},"excerpt":{"rendered":"
Marrakech (Morocco), Oct. 13, 2023: The International Monetary Fund (IMF) says it is collaborating with the World Bank to increase capacity to support low-income countries. IMF\u2019s Managing Director, Kristalina Georgieva, said this on Thursday in Marrakech, at the ongoing 2023 World Bank\/IMF Annual Meetings. Georgieva said that the support was under the aegis of the […]<\/p>\n","protected":false},"author":2,"featured_media":24112,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[949,241],"tags":[156],"class_list":["post-53493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-foreign","tag-imf","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n