Kristalina Georgieva News

MARRAKECH, Morocco (Reuters) — The International Monetary Fund has met its fundraising target to increase concessional trust fund resources for the world's poorest countries by $3 billion, IMF Managing Director Kristalina Georgieva said on Saturday.

International Monetary Fund has met its fundraising target to increase concessional trust fund resources for the world's poorest countries by $3 billion, IMF Managing Director Kristalina Georgieva said on Saturday. Georgieva said in a statement that the contributions completed during IMF and World Bank annual meetings in Morocco «will allow the IMF to continue to support low-income countries with zero-interest rate financing to meet their evolving needs.» She said that PRGT lending has increased five-fold to $30 billion since the onset of the COVID-19 pandemic, with about 30 countries still with loan programs. Demand for the trust's resources is expected to reach $40 billion through 2024, about five times the historical average. The IMF had urged member countries to fill a $1.2 billion gap in the $3 billion subsidy account endorsed by the membership in 2021.

The International Monetary Fund says Middle East economies are gradually recovering as external shocks from the war in Ukraine and global inflation fade

[The stream is slated to start at 10:45 a.m. ET. Please refresh the page if you do not see a player above at that time.]

By Andrea Shalal

The International Monetary Fund and World Bank are holding their annual meetings in Morocco, one month after an earthquake killed nearly 3,000 people in the North African country

The global economy has shown remarkable resilience but still bears deep scars from the coronavirus pandemic, the war in Ukraine and rising interest rates

Currently China’s quota is less than Japan’s, despite its larger share of global gross domestic product.

China to boost weak domestic consumption, address its troubled real estate sector and rein in local government debt, problems that are dragging down both Chinese and global growth, IMF Managing Director Kristalina Georgieva told Reuters. Georgieva said in an exclusive interview the messages will be delivered to Chinese authorities in a forthcoming IMF «Article IV» review of China's economic policies. The Fund will strongly urge Beijing to shift its growth model away from debt-fueled infrastructure investment and real estate, she said. «Our advice to China is use your policy space in a way that helps you shift your growth model towards more domestic consumption,» Georgieva said. «Because the traditional way of infrastructure, pumping in more money, in this current environment is not going to be productive.» China's aging population and falling productivity were playing a «suppressing role» in its growth rate, along with companies in the United States and Europe shifting supply chains away from China. China's problems in the real estate sector have also caused consumers to rein in spending, Georgieva said. «We actually project that without structural reforms, medium term growth in China can fall below 4%,» Georgieva said.

By Andrea Shalal and David Lawder

The G20 Summit under India’s presidency succeeded in bringing Africa to the table, put the spotlight on climate action and focused on the reform of multilateral development banks, among other key achievements, International Monetary Fund (IMF) managing director Kristalina Georgieva said in an interview to ET. Edited excerpts:What are the key takeaways from India’s G20 presidency? India brought the G20 together, but it did more than that. It invited countries and international organisations; so, we can say the whole world came together. The very first important achievement is the African Union being accepted into G20, which gives a whole continent a voice. I think Prime Minister Modi and the rest of G20 did the right thing to welcome that voice. Second, the Indian presidency brought up ambition on climate action. There was a much stronger sense of urgency to move. Third, on financing, the Indian presidency advanced reform of multilateral development banks and the World Bank, and brought the role of these institutions — as mobilisers of private finance — much more in focus. Four, we have seen the India presidency rallying everybody, (which brought) pledges for lending special drawing rights through IMF to vulnerable middle- and low-income countries to fruition. It started with the Italian presidency, moved to the Indonesian presidency, and now, the pledge has materialised. That means more resources for developing countries.

IMF Managing Director Kristalina Georgieva on Sunday said global recovery is slow and uneven and underscored the need to pursue sound policies for financial stability and growth-oriented structural reforms. Speaking at G20 Leaders' Summit here, Georgieva said, G20 members must lead by example in delivering on the promises of USD 100 billion per year for climate finance, supported by strengthening Multilateral Development Banks(MDBs). The International Monetary Fund (IMF) has secured over USD 40 billion to support vulnerable countries through its Resilience and Sustainability Trust (RST) to build climate resilience, she said. Countries also need to mobilize domestic resources to finance and manage the green transition through tax reforms, effective and efficient public spending, strong fiscal institutions, and deep local debt markets, she said. Observing that global recovery from the COVID-19 pandemic is slow and uneven, she said, all countries should pursue sound policies to support economic and financial stability and growth-oriented structural reforms against this background. This is especially important in emerging and developing countries, where such reforms can boost output by up to 8 per cent over 4 years, she said. «We also need to further invest in international cooperation.

G20 Summit had embraced India’s Presidency of "One Earth, One Family, One Future". “I am also very pleased that the G20 welcomed the African Union as a permanent member," she added. Georgieva hailed the New Delhi G20 Leaders Declaration and said all the G20 countries and their representative leaders conveyed a strong consensus for joint action to address global challenges.

G20 Summit here congratulated Prime Minister Narendra Modi on the success of Chandrayaan-3, with IMF Managing Director Kristalina Georgieva hailing India for achieving the feat «in a budget less than that of the movie Interstellar», according to sources. During various sessions and meetings of the G20, many world leaders showered praise on India for its lunar mission and also lauded the successful launch of Aditya L1, India's first space-based mission to study the Sun. While the British Prime Minister Rishi Sunak congratulated India and the entire world for Chandrayaan-3, South African President Cyril Ramaphosa hailed the country for the feat and recalled that he had watched a telecast of the lunar landing while taking a break during the BRICS meeting, sources said. «I congratulate you on the Moon landing.

US President Joe Biden at Delhi's Raj Ghat during the latter's visit to pay homage to the father of the nation, Mahatma Gandhi, in the national capital on Sunday. As President Biden arrived at Raj Ghat, PM Modi welcomed him and presented a gift of khadi. French President Emmanuel Macron and Indonesian President Joko Widodo both visited Delhi's Rajghat to pay their respects to Mahatma Gandhi and lay wreaths.CATCH ALL LIVE UPDATES OF G20 SUMMIT HERE

Yuko Kishida to IMF chief Kristalina Georgieva, several top foreign dignitaries donned traditional Indian ensembles at the G-20 Dinner hosted by President Droupadi Murmu on Saturday night. For the special occasion, all guests were dressed to the nines. Many opted to embrace Indian fashion in special ways. IMF Chief Georgieva arrived at Bharat Mandapam in Delhi for the G-20 Dinner in a purple ethnic suit that she paired with a golden dupatta. She looked exquisite in Indian wear. Japanese PM Fumio Kishida's wife Yuko Kishida wore a beautiful green saree.

Droupadi Murmu and Prime Minister Narendra Modi on Saturday welcomed G20 leaders and delegates at a grand dinner hosted for them at Bharat Mandapam, the venue for the Summit, here. They welcomed the guests before the start of the dinner at a dais, with its backdrop depicting the ruins of the Nalanda University in Bihar and India's G20 presidency theme — 'Vasudhaiva Kutumbakam — One Earth, One Family, One Future'. Nalanda university ruins, a UNESCO world heritage site in Bihar, was one of the oldest universities of the world. President Murmu is hosting the ceremonial dinner for the G20 leaders, international delegates and other dignitaries at the Bharat Mandapam. The newly built international convention and exhibition centre and its verdant lawns dazzled at night with colourful illumination while its gurgling fountains and the 'Nataraja' statue placed on front of the state-of-the-art building created a pretty picture. UN Secretary General Antonio Guterres, International Monetary Fund (IMF) Managing Director and Chairman Kristalina Georgieva, dressed in Indian traditional attire Salwar Kurta, World Bank President Ajay Banga and his wife Ritu Banga and Bangladesh Prime Minister Sheikh Hasina were among the first to arrive at the newly built convention centre in Pragati Maidan. In a significant milestone under India's G20 presidency, the 55-member African Union on Saturday became a new permanent member of the grouping of the largest economies of the world.

Nirmala Sitharaman hosted a dinner for Finance Ministers of the G20 countries and the heads of international organisations on Friday ahead of the leaders' summit in Delhi. Internal Monetary Fund (IMF) chief Kristalina Georgieva and World Trade Organisation (WTO) Chief Ngozi Okonjo-Iweala were in attendance at the dinner. «Smt @nsitharaman hosted the #G20 Finance Ministers and Heads of International Organisations over dinner ahead of the #G20 #LeadersSummit in New Delhi. @g20org #G20India,» the office of Nirmala Sitharaman posted on X. It is the first-ever G20 Summit in India and will be held at Bharat Mandapam in the national capital on September 9 and 10. Leaders from around the world were greeted warmly upon their arrival in Delhi for the G20 Summit, which gets underway on Saturday.

World Bank and the International Monetary Fund will play a critical role in helping countries confront economic, geopolitical and climate change challenges, said the heads of both institutions in a release issued on Thursday. “The Bretton Woods institutions have a critical role to play to help member countries address the challenges and leverage the opportunities, working closely together and with partners,” said Kristalina Georgieva, Managing Director of the International Monetary Fund, and Ajay Banga, President of the World Bank in a joint statement. The institutions stated that the world economy has slowed, with the medium-term outlook at the lowest in three decades.

IMF Managing Director Kristalina Georgieva said she had a «productive» discussion with Chinese Premier Li Qiang, and looked forward to working with Beijing on global issues including climate change and support for developing economies. Georgieva was visiting China through Sunday to meet with top Chinese leaders before travelling to Indonesia and India for ASEAN and Group of 20 summits. Georgieva also met with China's newly appointed central bank chief Pan Gongsheng and Finance Minister Liu Kun, she wrote in a post on messaging platform X, formerly known as Twitter, on Friday. In July, the IMF raised its 2023 global growth estimates slightly but left its forecast for China unchanged, cautioning that China's recovery was underperforming and a deeper contraction in the property sector remained a risk. The IMF said the world's second-largest economy will grow 5.2% this year, up from a COVID-subdued 3% in 2022, before easing to 4.5% in 2024.

bailout package to cash-strapped Pakistan for its economic stability. In addition, Saudi Arabia, UAE, and China also extended a lifeline of USD 2 billion, USD 1 billion, and USD 700 million respectively to the South Asian country. Despite financial help from other countries and the IMF deal, Pakistan is still under the woods and tweaking its tough financial policies on demands led by the Washington-based financial body, making it difficult for common people to survive in the crisis-hit country.