Countries need to pursue growth oriented structural reforms for faster economic recovery: IMF MD at G20 Summit
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.
