IMF chief warns world isn’t ready for shocks that are piling up

Jorgelina do Rosario & Francine Lacqua / Bloomberg

Jun 08

“The best ammunition we have is objective analysis,” she said.(June 8): International Monetary Fund (IMF) managing director Kristalina Georgieva said that after facing crisis upon crisis in recent ...

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The IMF has a lending capacity of just under US$1 trillion dollar and her job — as she described it — is keeping the fund’s 191 members focused on working together for the greater good of the world economy.\n“The best ammunition we have is objective analysis,” she said.\nOne major transformation underway is the spread of artificial intelligence and its impact on labour markets and local economies. Georgieva said organisations including hers failed to recognise inequalities arising from globalisation and she wants to make sure it won’t happen with AI. \n“We collectively, including the fund, did not appreciate the backlash against globalisation that came from the fact that, yes, the world economy is doing better as a whole, but many communities were hollowed out because their jobs disappeared and there was not enough attention to them,” she said. “I’ll tell you what I’m very keen not to see repeated is the same with artificial intelligence.”\nThe fund will update its outlook for the global economy in July, after downgrading its growth projection for the year in April amid the war in the Middle East. The lender also performs annual economic revisions of member countries, among other reports under its surveillance mandate.\nRussia assessment \nIn 2024, two years after Russia invaded Ukraine, the IMF announced it would restart its annual review of Russia’s economy — the so-called Article IV — for the first time since the start of the war. \nThe plan was met with backlash from several European Union countries who challenged Georgieva over the decision. They said engaging Russia on economic issues would legitimise Kremlin efforts to evade sanctions.\n“It was a very tricky moment because bombing was going in both directions. We decided to delay,” she said. “We need to collect data on trade, import, export. Russia was very reluctant to provide this data.”\nShe added that “at some point, we will have the regular assessment restarted,” without providing details on timing. \nThe fund has been supporting Kyiv with financing tied to key reforms since Russia’s invasion, with two programmes for US$15.6 billion in 2023 and US$8.1 billion this year.\nUploaded by Liza Shireen Koshy","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}