More Synchronized Action Needed to Tackle COVID Economic Crisis

The international community must do more to tackle the economic fallout of the COVID-19 crisis, the head of the International Monetary Fund said on Monday, publicly calling on the World Bank to accelerate its lending to hard-hit African countries, Reuters reported. Some of the key events of the virtual and elongated annual meetings of the IMF and World Bank take place this week, with the most pressing issue how to support struggling countries. “We are going to continue to push to do even more,” IMF Managing Director Kristalina Georgieva said during an online FT Africa summit. “I would beg for also more grants for African countries. The World Bank has grant-giving capacity. Perhaps you can do even more... and bilateral donors can do more in that regard,” Georgieva said in an unusual public display of discord between the two major international financial institutions. Read more

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