Director of IMF Called for an Urgent Action

Director of the IMF called for urgent action. Kristalina Georgieva pointed to the deepening divergence in the economic fortunes of countries.

Kristalina Georgieva, the Director of International Monetary Fund, called for urgent action against the worsening two-way recovery, pointing out that the data coming in as the global recovery progresses show a deepening divergence in the economic wealth of countries. Georgieva wrote a blog post titled "Immediate action needed to address the worsening two-way recovery" ahead of the G-20 Finance Ministers and Central Bank Governors meeting in Italy on 9-10 July. Stating that the global recovery is progressing in line with the 6 percent growth forecasts predicted by the IMF for this year, Georgieva emphasized that the incoming data also confirms a deepening divergence in economic wealth as many countries lag behind. Georgieva said, "The world is facing a two-pronged recovery, worsened by dramatic differences in vaccine availability, infection rates and the ability to provide policy support." Calling for urgent action by G20 countries against the worsening two-way recovery, Georgieva said: “Support from the G20 and other economies will meet the target of vaccination of at least 40 percent of the population in each country by the end of 2021 and at least 60 percent by the first half of 2022. Approving it will make all the difference.”