Kristalina Georgieva: Latest News

COLOMBO (News 1st); The United States of America has welcomed the approval of Sri Lanka’s IMF package."Great news & an important step on the road toward economic recovery," tweeted US Ambassador to Sri Lanka Julie Chung on Monday (20).She said that the Sri Lankan government will need to continue reforms and conclude debt restructuring agreements to ensure the program – and the economy – stay on track.She noted that structural & lasting reforms that address good governance & transparency are critical to ensure all citizens of Sri Lanka can prosper.IMF Managing Director Kristalina Georgieva also noted that she was very pleased the Executive Board of the IMF had approved about $3 bn of IMF support for Sri Lanka’s economic policies & reforms. She said that it was an important milestone with International Creditors coming together to help to restore debt sustainability. "Crucial to unlock Sri Lanka's growth potential," she added.The International Monetary Fund said that it will enable an immediate disbursement equivalent to about US $ 333 million for Sri Lanka under EFF program, following Executive Board approval on Monday (20).The Executive Board of the International Monetary Fund (IMF) approved today a 48‑month extended arrangement under the Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion).Sri Lanka has been hit hard by a catastrophic economic and humanitarian crisis.

COLOMBO (News 1st) – Managing Director of the International Monetary Fund Kristalina Georgieva says a more predictable, timely, and orderly processes are needed for Sri Lanka.Speaking at the first meeting of the G20 Finance Ministers and Central Bank Governors in Bengaluru, India, Managing Director of the International Monetary Fund Kristalina Georgieva said that it is  imperative for the G20 to strengthen the debt architecture.She said, "In light of rising debt vulnerabilities in many countries, I strongly endorse efforts to strengthen the debt architecture and improve the speed and effectiveness of debt resolution."She said that sovereign debt vulnerabilities is particularly the case for "developing and low-income countries with very limited policy space and huge development needs."Georgieva stressed that a more predictable, timely, and orderly processes are needed both for countries under the Common Framework (CF) and for those not covered by it, including Sri Lanka and Suriname.She added, "This means that we must enhance dialogue and collaboration on debt issues."

COLOMBO (News 1st) – US Ambassador to Sri Lanka Julie J.

COLOMBO (News 1st) – India has told the International Monetary Fund that it confirms its strong support for Sri Lanka's prospective EFF-supported program.According to a letter seen by News 1st from Indian authorities to IMF Chief Kristalina Georgieva, India had noted it will commit to supporting Sri Lanka with financing/ debt relief consistent with restoring Sri Lanka's public debt sustainability under the IMF -supported program and ensuring that the program is fully financed as projected by IMF staff."In this context, we commit to continuing negotiations with the Sri Lankan government along with the Paris Club on a medium-to-long term debt treatment through maturity extension and interest rate reduction or any other financial operations that would deliver similar financing/ debt relief," noted the letter.According to this letter seen by News 1st, India says that the financing/ debt relief provided by Export-Import Bank of India will be consistent with restoring debt sustainability under the IMF-supported program."We look forward to continuing cordial and in-depth discussions with the Sri Lankan authorities, IMF and the Paris Club with a view to finalizing the specifics of this financingj debt relief in the coming weeks," the letter added. However, it had noted that the Sri Lankan authorities are expected to seek equitable debt treatments from all commercial creditors and other official bilateral creditors, as well as adequate financing contributions from the multilateral development banks. Sri Lanka requires the backing of China and India – its biggest bilateral lenders – to reach a final agreement with the IMF on the $2.9 billion loan that is essential to help the country emerge from its worst financial crisis in seven

(Reuters) – International Monetary Fund Managing Director Kristalina Georgieva said on Thursday that she will travel to Beijing next week with heads of other international institutions to press for quicker action on debt relief for poor and developing countries.The meetings with the country's leadership will focus on China's economic, COVID-19 and debt relief policies and will include officials from China Development Bank and the Export-Import Bank of China, the IMF said."This is the first time, hopefully, we will be able to sit together and discuss the very pressing issues that China, and the world are faced with," Georgieva told the Reuters NEXT conference.Georgieva said that during the Beijing meetings she intends to discuss ways to accelerate China's participation in debt relief for poor and developing countries as the world's largest official bilateral creditor."I am very hopeful that when we have a chance next week to discuss these issues, we will continue on a path of finding better solutions and strengthening the capacity of the common framework to deliver," she said, referring to G20 countries' slow-to-launch common debt restructuring framework.World Bank President David Malpass told the conference that he would join the discussions in Beijing, along with officials from the World Trade Organization, Organization for Economic Cooperation and Development and others.Georgieva and Malpass have both called for reforms of the common framework to offer heavily indebted countries a freeze in debt service payments when they apply for debt relief and clearer timelines for reaching agreement on debt treatments.Asked if China's slowing growth would limit its appetite for agreeing to debt reductions, Georgieva said she hoped

COLOMBO (News 1st) – IMF chief Kristalina Georgieva told Reuters Next on Friday (2) that changes to the G20 Common Framework on debt restructuring were needed to speed up debt treatments, freeze debt service payments once a country requested help, and open the process to middle-income countries like Sri Lanka."We are concerned that there is a risk for confidence in debt resolution to be eroded at a time when the level of debt is very high," Georgieva said."We don't see at this point … a risk of a systemic debt crisis," she said, adding that countries in debt distress were not large enough to trigger a crisis that would threaten financial stability.Source: Reuters

COLOMBO (News 1st) – World Bank Group President David Malpass has affirmed the World Bank Group’s support to Sri Lanka in rebuilding their economy & creating a foundation for sustainable private sector-led growth, said the President's Media Division.President Ranil Wickremesinghe met World Bank Group President David Malpass at COP27 where discussions focused on the challenging macro-economic and social situation in Sri Lanka.Sri Lankan President Ranil Wickremesinghe returned to the country on Thursday (10) concluding his visit to Egypt where he attended the COP-27 summit.President Ranil Wickremesinghe held discussions on debt management with the Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva, Finance Minister of Ghana Ken Ofori-Atta and Speaker of the People’s Majlis of the Maldives Mohamed Nasheed on the sidelines of COP27.President Ranil Wickremesinghe addressing the COP 27 Climate Change Conference in Sharm El-Sheikh, Egypt said that unbridled industrialization of the developed countries is the root cause of climate change, leaving the poor to suffer the consequences.

COLOMBO (News 1st) –  Sri Lanka's State Finance Minister says that the IMF is committed to working with Sri Lanka.Sri Lanka's State Minister for Finance Shehan Semasinghe tweeted that he, and the delegation concluded their visit to the IMF annual meeting with a bilateral discussion with Kristalina Georgieva, the Managing Director of the IMF.He said the IMF Managing Director commended the government on the difficult, yet essential, reforms that it had undertaken to restore economic stability,He also said that Kristalina Georgieva assured the IMF’s commitment to  work with Sri Lanka to place the country on a stable and sustained growth path as early as possible.

COLOMBO (News 1st) – IMF Managing Director Kristalina Georgieva says that the IMF is pressing for a more effective debt resolution mechanism. "We want the Common Framework to become more predictable with guidelines and able to bring equality of treatment for all creditors, public and private," she told a news briefing.She said that the IMF is also looking for ways in which it can expand that kind of donor coordination to middle-income countries, such as Sri Lanka."So, we have a lot to do during this week.

COLOMBO (News 1st); Minister of Finance Ali Sabry met the IMF Managing Director, Kristalina Georgieva on Monday (18) at IMF Headquarters in Washington DC.IMF commended the steps already taken by the Finance Minister to mitigate the situation, and assured support by the IMF was also positive on expediting the processes.Minister Sabry also requested a Rapid Financing Instrument (RFI).The IMF subsequently informed Minister Sabry that India had also made representations on behalf of Sri Lanka on an RFI, and informed him that they will consider it despite it being outside of the standard circumstances for the issuance of an RFI.

world economy that continues to be wracked by supply chain chaos, worker absenteeism and faltering assembly lines.

International Monetary Fund’s executive board on Monday expressed its full confidence in Managing Director Kristalina Georgieva after reviewing allegations that she pressured World Bank staff to alter data to favor China.But U.S. Treasury Secretary Janet Yellen put Georgieva on notice that she would closely monitor the IMF’s follow-up and evaluate any new facts or findings, and called for proactive steps to reinforce data integrity and credibility at the IMF.The Fund’s 24-member board and the U.S.

International Monetary Fund approved a $650 billion expansion in resources to support economically vulnerable nations as they battle the coronavirus pandemic.

PARIS :

The IMF has proposed a $50 billion plan to end the Covid-19 pandemic, with a target of vaccinating at least 40% of the world's population by the end of 2021.

WASHINGTON – The head of the 190-nation International Monetary Fund says prospects for global growth have brightened since January, helped by a $1.9 trillion U.S. rescue package. But she warns that uneven progress in fighting the pandemic could jeopardize the economic gains.

BRUSSELS: The COVID-19 pandemic is likely to widen wealth gaps in Europe unless policymakers help end the health crisis globally, support economies until the pandemic is over and invest in making economies greener, the International Monetary Fund said.In a speech to a European Parliament conference on Monday, IMF Managing Director Kristalina Georgieva praised EU governments for putting more than 3 trillion euros in fiscal support for firms and households, including job-retention schemes that helped more than 54 million workers."But the path to recovery is ... uneven...

WASHINGTON – The head of the International Monetary Fund said Thursday that the while the United States and other major economies turned in better-than-expected economic performances in the third quarter, the world now faces slower momentum with a resurgence in coronavirus cases.IMF Managing Director Kristalina Georgieva said in a note prepared for a virtual meeting of the leaders of the Group of 20 major economies that significant progress on the vaccines raised “hopes of vanquishing the virus that has taken more than a million lives and caused tens of millions of job losses” around the world.The G-20 virtual leaders summit, which Saudi Arabia is conducting this week in its role as this year's head of the G-20, will focus on efforts to

Covid-19 downturn, and nations should remove trade barriers on medical technologies to aid the recovery, the IMF chief said on Thursday.The call from Managing Director Kristalina Georgieva ahead of this week's G20 leaders summit comes as countries grapple with the fallout from a pandemic that has killed hundreds of thousands and caused a sharp contraction in growth."While a medical solution to the crisis is now in sight, the economic path ahead remains difficult and prone to setbacks," Georgieva said in a blog post.Major pharmaceutical companies are now closing in on vaccines against the virus, amid a global spike in cases that has caused some countries to reimpose restrictions to curb transmission."The resurgence in infections is a

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VIENNA : Governments need to invest aid funds more selectively to overcome the coronavirus crisis in the long term, International Monetary Fund Managing Director Kristalina Georgieva said.They also need to make sure that public procurement is transparent and competitive so as to not lose the trust of citizens, Georgieva said at an Austrian economic forum, which she joined online."Countries will have to be more selective as to who they support," Georgieva said, listing digital businesses and those that can profit from green climate policy as examples of potentially successful investments. "Up to now we support everybody."More than 100 countries have requested emergency financing assistance from the IMF so far.

Despite some signs of recovery, the global economy faces continued challenges, including the possibility of a second wave of Covid19, and governments should keep their support programs in place, IMF chief Kristalina Georgieva has said.

WASHINGTON : The global economy will take much longer to recover fully from the shock caused by the new coronavirus than initially expected, the head of the International Monetary Fund said, and she stressed the danger of protectionism.

The International Monetary Fund has announced immediate debt relief for 25 poor countries to help them free up funds to fight the coronavirus pandemic.

The IMF board approved the debt relief for the countries, nearly all in Africa, but also Afghanistan, Yemen, Nepal and Haiti

With COVID-19 activity showing some early signs of stabilizing in parts of Europe, some governments are considering extending their lockdown orders, as cases are still surging or picking up in other parts of the continent.

WASHINGTON – The coronavirus pandemic will push the global economy into the deepest recession since the Great Depression, with the world's poorest countries suffering the most, the head of the International Monetary Fund said Thursday.

WASHINGTON : The year 2020 could see the worst global economic fallout since the Great Depression in the 1930s with over 170 countries likely to experience negative per capita income growth due to the raging coronavirus pandemic, IMF Managing Director Kristalina Georgieva said on Thursday.

The global coronavirus pandemic is causing an economic crisis unlike any in the past century and will require a massive response to ensure recovery, International Monetary Fund chief Kristalina Georgieva said today.

The coronavirus pandemic has brought the global economy to a standstill and plunged the world into a recession that will be “way worse” than the global financial crisis a decade ago, the head of the International Monetary Fund said on Friday, calling it “humanity’s darkest hour.”

International Monetary Fund (IMF) managing director Kristalina Georgieva said Friday that the global economy has entered a recession as a result of the novel coronavirus and that the situation is “way worse than the global financial crisis.”

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International Monetary Fund Managing Director Kristalina Georgieva in Washington, D.C. on Friday said “it is clear” that world has “entered a recession as bad or worse” than the global financial crisis in 2009.

The head of the International Monetary Fund said Friday it is clear that the global economy has now entered a recession that could be as bad or worse than the 2009 downturn.

The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief Kristalina Georgieva said Friday.