Countries must do more to avert the costly consequences of growing global trade fragmentation and help avert a 'second Cold War,' the International Monetary Fund's managing director said Thursday.
"I am among those who know what are the consequences of a Cold War: it is loss of talent and contribution to the world," Kristalina Georgieva, International Monetary Fund's managing director, said during a press conference at the official start of the World Bank and IMF's spring meetings. FILE PHOTO
"I don't want to see that repeating," she said, adding that the world should "rationally accept there will be some cost, there will be some fragmentation, but keep these costs low."Multilateral institutions like the World Bank and IMF have an important role to play in preventing the world from splintering into different blocs with severe economic consequences, she said.
French President Emmanuel Macron will host a summit in June which will look to extend some of these new rules to other financial institutions and build a "new financial framework," the country's finance minister, Bruno Le Maire, told reporters at the IMF early Thursday. The Bank and IMF's leaders said progress had also been made on replenishing lending facilities for low-income countries which have been depleted by the twin impact of the Covid-19 pandemic and Russia's invasion of Ukraine.
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