IMF’s Georgieva: Urgently need faster, more efficient mechanisms for providing debt support

International Monetary Fund’s (IMF) Managing Director Kristalina Georgieva said on Thursday, “Urgently need faster, more efficient mechanisms for providing debt support to vulnerable countries.

Additional takeaways

Countries in a stronger position should help vulnerable members of global community, particularly those in debt distress.

Establishing such mechanisms would provide significant benefits to debtors and creditors alike.

Success would remove one important source of uncertainty from global picture.

Welcome China's engagement in common framework, participation in new global sovereign debt roundtable.

Countries should cooperate to reinvigorate international trade in equitable way, diversify supply chains based on economic logic.

Asia would be most adversely affected by runaway fragmentation.

IMF research shows long-term cost of trade fragmentation as high as 7% of global GDP.

Governments' fiscal policies should provide targeted support to those most in need or most affected by food insecurity, cost-of-living crisis.