The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has appealed to countries to fight inflation and safeguard financial stability.
Georgieva made the call over the weekend, urging nations to put in place a strong policy action that will secure a robust economic recovery.
The call followed expectation of global growth over the next five years to languish at the slowest pace for more than three decades.
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While giving a speech ahead of the Spring Meetings, Georgieva charged countries to fight inflation and safeguard financial stability.
Also, he wants them to improve medium-term prospects for growth, and cooperate to reduce global disparities.
“With rising geopolitical tensions and still-high inflation, a robust recovery remains elusive,” she said.
“This harms the prospects of everyone, especially for the most vulnerable people and countries.”
The IMF projects that global growth would remain around three per cent over the next five years—the lowest medium-term growth forecast since 1990.
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Georgieva called on countries to work together to prevent conflict from worsening global poverty and hunger and from wiping out the peace dividend the world has enjoyed for the past three decades.
“We also need a step change in international cooperation to reduce the impact of economic fragmentation and geopolitical tension, especially over Russia’s invasion of Ukraine.”
