Wednesday 7 April 2021 - 3:51pm
File: The IMF logo seen outside the head office.
AFP/Brendan Smialowski
WASHINGTON - China is seeing a strong recovery from the COVID-19 crisis but now should use its financial heft and shift its focus to boosting its own consumers, a top IMF official said on Wednesday.
That comment renews the International Monetary Fund s longstanding pre-pandemic message to Beijing to change its model away from one dominated by exports and massive government projects.
Before COVID-19 shutdowns upended international commerce and threw the world into the worst peacetime crisis in a century, the Washington-based lender had long warned that China s massive export program and huge trade surpluses were causing imbalances in the global economy.
Pandemic Leaving Behind Complex Legacies That Needs To Be Tackled: IMF Official Pandemic Leaving Behind Complex Legacies That Needs To Be Tackled: IMF Official Medium-term frameworks and better targeting will be key for building fiscal space and better confronting trade-offs such as providing support now and providing insurance against future emergencies.
The number of new job opportunities is still very low in many countries.
The COVID-19 pandemic is leaving behind complex legacies that will need to be tackled, a top IMF official said on Wednesday, as he underlined the need for policies that must remain agile and respond flexibly as the situation may require. The pandemic has affected almost every country in the world and has left national economies and businesses counting the costs, as governments struggle with new lockdown measures to tackle the spread of the deadly virus. “In the last twelve months, countries have announced $16 trillion in fiscal actions.
Wednesday, 07 Apr 2021 10:10 PM MYT
People wearing protective masks walk along Nanluoguxiang alley, following the coronavirus disease (Covid-19) outbreak, in Beijing, China January 16, 2021. Reuters pic
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WASHINGTON, April 7 China is seeing a strong recovery from the Covid-19 crisis but now should use its financial heft and shift its focus to boosting its own consumers, a top IMF official said today.
That comment renews the International Monetary Fund’s longstanding pre-pandemic message to Beijing to change its model away from one dominated by exports and massive government projects.
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RIO DE JANEIRO, BRAZIL - The International Monetary Fund (IMF) reiterated on Wednesday that Brazil should maintain support for the economy during this critical phase of the covid-19 pandemic, but without disrespecting the spending cap, a fiscal policy that the entity considers important for the country to preserve advances in economic fundamentals achieved in the last 20 years.
The recommendation was made by the director of the IMF s Fiscal Affairs Department, Vitor Gaspar, at a press conference to present the conclusions of the Fiscal Monitor report, released on Wednesday. In the document, the entity estimated that Brazil s gross . . .
G20 extends debt moratorium for poorest nations till end-2021
6 hours ago Daniele Franco (left) speaks during the 2nd G20 Finance Ministers and Central Bank Governors virtual meeting in Rome on Wednesday. Agence France-Presse G20 finance ministers and central bankers agreed on Wednesday to extend a moratorium on debt interest payments for the poorest countries, which could lag behind the global recovery from the coronavirus pandemic.
In an online meeting, the Group of 20 most powerful nations also offered its support for the International Monetary Fund’s plan to boost its reserve offerings by $650 billion to help impoverished countries.
“We will further step up our support to vulnerable countries as they address the challenges associated with the COVID-19 pandemic,” a joint statement issued by the G20 said.