Global financial leaders are digging into a long to-do list after International Monetary Fund (IMF) and World Bank member countries sent them a clear message on what is needed to tackle overlapping crises: vast amounts of additional money.
WASHINGTON — Global financial leaders are digging into a long to-do list after International Monetary Fund and World Bank member countries sent them a clear message on what is needed to tackle overlapping crises: vast amounts of additional money.
Last week’s IMF and World Bank meetings laid bare the increasing pressures on developing countries from inflation, energy and food shortages fueled by Russia’s war in Ukraine, slowing growth, mounting debt problems and growing vulnerability to climate shocks. Argentina and other countries are also pushing the IMF to stop imposing surcharges on larger loans that are not repaid quickly, a move backed by some IMF leaders that could save affected countries billions of dollars.
The IMF’s war chest stood at about $1 trillion before the coronavirus disease 2019 pandemic struck in early 2020. Spanish Finance Minister Nadia Calvino, who headed the IMF’s steering committee this year, told Reuters the fund’s focus now was on tackling the immediate crisis, not the quota increase.
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