In our recap for today, October 14, we learn about the outcome of the latest meeting of the International Monetary and Financial Committee, the importance of resilience to the global recovery, what tools can help countries with a green transformation, and more.
The International and Monetary Financial Committee (IMFC) released its communiqué on Thursday, echoing concerns over an increasing divergence among countries as the global economic recovery continues. The IMFC called for strong international cooperation and immediate action to expedite vaccinations, a careful calibration of domestic policies, and acceleration of climate action and other transformational reforms. "We agreed to take steps to reach the global goals of vaccinating at least 40% of the population in all countries by the end of 2021 and 70% by mid-2022," said IMFC Chair Magdalena Andersson, who currently serves as Sweden's Finance Minister. The IMFC also welcomed a historic allocation of Special Drawing Rights (SDR).
The global recovery continues amid uncertainty on when the pandemic will be overcome. With unequal vaccine access, inflation pressures, and still elevated unemployment, policies face multiple challenges. IMF Managing Director Kristalina Georgieva joined Kristin J. Forbes, Professor, Global Economics and Management, MIT; Mo Ibrahim, Founder, Mo Ibrahim Foundation; and Min Zhu, Chairman, National Institute of Financial Research at Tsinghua university, for a debate on the global economy. Georgieva made an appeal for a more comprehensive approach to resilience in the form of more resilient people, a resilient planet and resilient institutions. "I expect to see us taking more of that concept of resilience, in a fast-moving, shock-prone world, to heart," she said.
At the capacity development talk on Engineering the Green Transformation ahead of COP26, the IMF and some of its development partners from Germany and the United States showcased how they build technical and institutional capacity to implement climate-friendly economic policies. While Martin Kipping from the German Federal Ministry for Economic Cooperation and Development mainly focused on macroeconomic and fiscal frameworks, Sashi Jayatileke from USAID explained how the agency works to promote the uptake of climate finance globally. The IMF’s Chol Suphachalasai also gave an overview of the way in which the IMF scales up climate in capacity development, from the Public Investment Management Assessment to the Climate Change Indicators Dashboard.
We can never let energy prices to be used as an argument to slow down the green transition. On the contrary, we should use this as an argument to step up our ambitions when it comes to investing in renewable energy, both public and private, and while doing so, make sure that we support the most vulnerable households in our countries.
IMFC CHAIR MAGDALENA ANDERSSON
International Monetary Fund and Financial Committee (IMFC) Chair Magdalena Andersson and IMF Managing Director Kristalina Georgieva summarize the outcome of the IMFC meeting.
IMF staffer James Patterson directs a virtual event during the Annual Meetings at the IMF
Panelists discuss the economic outlook and the recovery from the pandemic during the IMF SEMINAR: Debate on the Global Economy:
Amount in global GDP that could be lost over the next five years if large parts of the world remain unvaccinated. "Mobilizing to vaccinate the world is in everybody’s self-interest," said Managing Director Kristalina Georgieva at today's IMF seminar.
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The global recovery continues amid uncertainty on when the pandemic will be overcome. With unequal vaccine access, inflation pressures, and still elevated unemployment, policies face multiple challenges. Join this debate on the global economic outlook.
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Digital finance innovations—central bank digital currencies, private eMoney, stable coins, or crypto assets—may bring changes in the way we lead our lives. This seminar reviews the implications of this transformation for the international monetary system.
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Christine Lagarde, President of the European Central Bank, will discuss globalization after the pandemic.
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Communiqué of the IMFC
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