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AXIS MILES Translation. Region: Russia –

Source: IMF – News in Russian

June 13, 2021 Washington, DC – June 13, 2021: IMF Managing Director Kristalina Georgieva made the following statement today following the conclusion of her virtual participation in the G7 Leadership Meeting: I would like to express my gratitude to Prime Minister Boris Johnson and the official UK authorities for setting a forward-looking G7 agenda that addresses the most pressing challenges facing the world today, first by bringing an end to the pandemic everywhere. The IMF warns of a dangerous divergence in the pace of economic recovery – and the latest data confirms that this trend is not only continuing, but also deepening. Together with the World Bank, WHO and WTO, IMF staff recently put forward a $ 50 billion plan to curb the pandemic by vaccinating at least 40 percent of the population in each country by the end of this year and 60 percent by mid-2022. is the reallocation of surplus doses of vaccines from advanced economies to developing countries. I applaud the G7 commitment to deliver one billion doses over the next year, which will play a significant role in the fight against the pandemic. Further, it is important to ensure the actual use of vaccine vials for vaccination and increase the capacity of vaccine production to protect against the risks of worsening the situation. Progress has been made in funding this plan in recent weeks. We have emphasized the critical importance of grants from the outset, and we estimate that to date, grant commitments from public and private sources have been received for about a third of the required amount of US $ 35 billion. This is encouraging, but work needs to continue to involve the rest – and to ensure that the plan is implemented in a transparent and well coordinated manner. The war hasn’t been won yet. Therefore, together with the World Bank, WHO, WTO and other organizations, we are creating a “operations center” – a task force to monitor the implementation of this plan and accelerate it. Secondly, against the background of the world emerging from this crisis, we must remember its consequences and work over their elimination. Improving productivity and growth, managing over-indebtedness and improving policy frameworks will be critical to building a better future. Policymakers face tough decisions, phasing out support, and targeting support will play a critical role in helping vulnerable populations and resilient companies. The G-7’s focus on building a better post-pandemic future, especially focusing on climate change, is critical. I welcome the intention of the G7 leaders to launch a new green green initiative to mobilize investment in green infrastructure, especially in developing countries. When combined with investment incentives such as carbon tariffs and climate risk disclosures, a green investment campaign will not only help tackle the climate crisis, but will also accelerate economic growth and create millions of new jobs. Addressing these challenges in the post-pandemic era, policymakers need to increase government revenues to fund investment in better public goods for their citizens. In this regard, I am pleased that the G7 hopes to reach an agreement on a global minimum corporate income tax at the July meeting of G20 finance ministers and central bank governors. Finally, I would like to express my gratitude to the G7 for supporting the new allocation of Special Drawing Rights (SDRs). ) The IMF in the amount of 650 billion US dollars – the largest issue in their history. This will help increase global reserves and create room for the necessary budgetary spending to cope with the pandemic and help countries recover more sustainably. The leaders also expressed their readiness to take measures to enhance the effect of this distribution, including by voluntarily disbursing SDRs and / or providing budget loans to achieve the stated goal of mobilizing a total of US $ 100 billion globally for the needs of the most vulnerable countries. In the months ahead, I will be exploring with our member countries how we can work together to meet this challenge. This was an important summit. It clearly sensed a renewed commitment to international cooperation, in which the G7 is stepping up its efforts to help countries cope with the crisis. I can assure you that the IMF is doing its part. “



EDITOR’S NOTE: This article is a translation from Russian Language to English.

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