IMF calls on G-20 leaders to cooperate in vaccine distribution

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By CAPosts 22 November, 2020 - 12:46pm 25 views

The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, explained that the world economy is not out of danger given the Covid-19 crisis and in that sense urged the leaders of the 20 largest economies in the world to cooperate in the vaccine distribution.

“With vaccines on the horizon, we must make sure they reach everyone, everywhere. If we do this, the Fund estimates that it could add almost 9 trillion dollars to global income by 2025, "he explained in the framework of the G20 meeting this weekend.

Secondly, economic support to companies and workers facing recovery. Georgieva stressed that "there should not be a premature withdrawal" in aid and fiscal stimuli, but only until the health crisis is over.

He also stressed that investments should be oriented to green and digital infrastructure to stimulate growth, "limit the scars (of the crisis) and addressing the climate objectives ”.

In this sense, he also called for cooperation to lay the foundations for“ a better global economy of the 21st century ”. The IMF leader said that the international trade system should be revitalized, promote an international tax system in which everyone pays their fair share and accelerate the transition to the new climate economy.

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On the Debt Service Suspension Initiative, he said it will allow low-income countries with unsustainable debts to apply for permanent debt relief on a case-by-case and level playing field for creditors, but also called to help middle-income economies that are not covered by this framework.

“We must not forget the world beyond the G20: the poorest countries that are least equipped to withstand crises. The IMF will continue to count on the support of the G20 to have all the necessary resources to better serve our member countries, and especially those that most need our assistance, ”he explained. At the same time, he said that in the conjuncture, 100 billion have been lent to 82 countries from the agency.

At the same meeting, Ángel Gurría, secretary general of the Organization for Economic Cooperation and Development, explained that countries must plan for recovery while continuing to live with the virus.

“Emergency economic measures to deal with the crisis will have to adapt. Support for people and companies must be more specific and new policies must be established to make the goal of a stronger, more sustainable and inclusive world economy a reality ", explained the organization.

In this sense, Gurría stressed that they are needed" ambitious reforms to ensure a vigorous recovery ”, which guarantees health and social protection that benefits all and that public and private investment is aligned with the Sustainable Development Goals.

also stressed that greater cooperation is required from countries in health, from research to vaccine distribution; in trade, to ensure robust global production chains; in the taxation of multinationals as the economy becomes increasingly digitized; in environmental sustainability and in the prevention of sudden capital outflows and sovereign debt crises in emerging markets and developing countries.

At the same time, it recognized the objectives of the meeting that consist of an agreement by the G20 to reduce by 15 percent the proportion of youth who are most at risk of being left behind in the labor market and by 25 percent the gender gap in the labor force. Both goals for 2025.

Also in the Fiscal Report, Gurría warned that without an agreement on how to tax multinationals there would be a proliferation of unilateral measures and an increase in fiscal and trade disputes that would reduce the growth of world economic activity just when It is recovering from the crisis that caused the Covid-19 pandemic.