MIL-OSI Translation: IMF Managing Director welcomes G7 action plan to help world emerge from pandemic crisis


MIL OSI Translation. Government of the Republic of France statements from French to English –

Source: IMF in French

June 13, 2021

Washington, June 13, 2021. Kristalina Georgieva, Managing Director of the International Monetary Fund, made the following statement to close her remote participation in the G7 Heads of State Summit:

“I would like to thank Prime Minister Boris Johnson and the British authorities for preparing a forward-looking agenda for this G7 summit, focusing on the most pressing issues facing our world today.

“First, end the pandemic all over the world. The IMF has already warned of the dangerous divergence in recovery paths. However, the latest data confirms that in addition to continuing, this trend is worsening. With the World Bank, WHO and WTO, staff recently proposed a $ 50 billion plan to end the pandemic by vaccinating at least 40% of each country’s population by the end of the current year and at least 60% by mid-2022.

“The most urgent part of this plan is the redistribution of excess vaccine doses from advanced countries to developing countries. I welcome the G7 commitment to deliver one billion doses over the coming year, which will make a significant difference in the fight against the pandemic. It will then be necessary to ensure that the shipments of vials actually lead to injections, essential for the recovery, and that production capacities are increased in order to guard against the risk of degradation.

“The last few weeks have seen some advances in financing the plan. From the outset, we emphasized the fundamental importance of donations. However, according to our estimates, about a third of the $ 35 billion in necessary donations was obtained from public and private sources. This figure is encouraging, but more work needs to be done to raise the remaining funds as well as to ensure a transparent and well-coordinated implementation. This war is not yet won. It is for this reason that together with the World Bank, the WHO and the WTO, we constitute a “staff”: a working group charged with monitoring and accelerating the implementation of this plan.

“Second, as the world emerges from the crisis, we must remain alert to the aftermath of the crisis and work to overcome them. To build a better future, it will be essential to boost productivity and growth, address the problems of over-indebtedness and strengthen economic policy frameworks. Policymakers will have to make tough choices when phasing out support measures, and it will be important to carefully target support to vulnerable people and viable businesses.

“The focus of the G7 on the need to build better after the pandemic, and in particular on managing climate change, is paramount. I welcome the leaders’ intention to launch a new green and clean energy initiative to catalyze investments in environmentally friendly infrastructure, especially in developing countries. Coupled with investment incentives, such as carbon pricing and reporting on climate-related risks, a green investment boost would not only help address the climate crisis, but would also accelerate growth and create millions of new jobs.

“To meet these post-pandemic challenges, leaders will need to increase revenues to fund investment in improving public goods that serve citizens. In this regard, I welcome the fact that the G7 hopes to reach agreement on a global minimum corporate tax in July, at the meeting of G20 finance ministers and central bank governors.

“Finally, I would like to express my gratitude to the G7 for its support for a new allocation of Special Drawing Rights (SDRs) from the IMF to the tune of $ 650 billion, an issue of unprecedented size. This allocation will help build global reserves while freeing up the space for fiscal spending essential to emerge from the pandemic and enable more sustainable recoveries. Leaders have also expressed readiness to amplify the impact, including allocating SDRs and / or budget loans to achieve a global ambition of $ 100 billion globally for the most vulnerable countries. In the months to come, I will explore with our member countries the possibilities of achieving this ambition together.

“This G7 summit was very rich. Driven by a revived spirit of international cooperation, the G7 is redoubling its efforts to help the world emerge from the crisis. I can assure you that the IMF is playing its role. “

IMF Communications Department


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EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.

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