IMF chief calls on global cooperation to control pandemic, support economic recovery

Kristalina Georgieva, managing director of the International Monetary Fund (IMF), receives an interview with Xinhua during the IMF Spring Meetings in Washington D.C., the United States, April 13, 2021. (Kim Haughton/IMF/Handout via Xinhua)

"To address these challenges, urgent policy action is needed to control the pandemic, limit scarring, and transform the global economy," said Kristalina Georgieva, managing director of the IMF.

WASHINGTON, Dec. 6 (Xinhua) -- Kristalina Georgieva, managing director of the International Monetary Fund (IMF), on Monday called on global cooperation to control the COVID-19 pandemic and support the economic recovery as the new Omicron variant has spread to over 40 countries around the world.

"The global economy has continued to recover, but the recovery faces many risks, including the uncertain path of the pandemic amid the arrival of new variants, and the outlook on inflation," Georgieva said in a statement at the conclusion of the sixth "1+6" Roundtable convened virtually by the Chinese authorities.

"To address these challenges, urgent policy action is needed to control the pandemic, limit scarring, and transform the global economy," Georgieva said, stressing four areas for global cooperation.

First, urgent action is needed to reach the IMF's pandemic proposal to vaccinate 40 percent in each country by the end of this year and 70 percent by mid-2022.

Second, countries need to cooperate to reduce trade tensions and strengthen the multilateral trading system, which is a key engine for growth and jobs.

Third, more ambition is needed to accelerate the transition to net-zero carbon emissions and to support climate adaption efforts, tapping all policy levers available.

Finally, many developing economies will need the global community's support in their recovery, as they face shrinking fiscal space and rising debt burdens.

"Supporting the global recovery will be a joint task that we need to tackle together," Georgieva said.

"As China is a vital engine for global growth, taking strong actions to support high-quality growth will help not only China, but the world," she added.