{
  "title": "“We Must Take the Right Actions Now!”—Opening Remarks for Annual Meetings Press Conference",
  "publication": "IMF News, October 14, 2020",
  "sourceUrl": "https://www.imf.org/en/news/articles/2020/10/14/sp101420-we-must-take-the-right-actions-now",
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  "summary": "Nine months into the pandemic, the crisis has taken more than a million lives, driven the economy into reverse, caused sharply higher unemployment, rising poverty, and the risk of “a lost generation” in low-income countries.",
  "authors": [
    "Kristalina Georgieva"
  ],
  "publishDate": "2020-10-14",
  "sections": [
    {
      "heading": "Introduction and outlook",
      "content": "- Nine months into the pandemic, the crisis has taken more than a million lives, driven the economy into reverse, caused sharply higher unemployment, rising poverty, and the risk of “a lost generation” in low-income countries.\n- The IMF projects the worst global recession since the Great Depression:\n  - Growth is expected to fall to -4.4 percent this year.\n  - Over the next five years, the crisis could cost an estimated $28 trillion in output losses.\n- Signs of stabilization and hope:\n  - Unprecedented efforts in vaccine development and treatment.\n  - Extraordinary and coordinated fiscal and monetary measures putting a floor under the world economy.\n  - The world is starting to learn how to live with the virus.\n- Forecast uncertainty and near-term outlook:\n  - A partial and uneven recovery is projected in 2021, with growth expected at 5.2 percent.\n  - All countries face a “Long Ascent”—a journey that will be difficult, uneven, uncertain, and prone to setbacks."
    },
    {
      "heading": "Policy recommendations (Global Policy Agenda priorities)",
      "content": "- (1) Continue with essential measures to protect lives and livelihoods:\n  - Stepping up vital health measures is imperative.\n  - Maintain fiscal and monetary support to households and firms.\n  - Lifelines such as credit guarantees and wage subsidies are likely to remain critical for some time to ensure economic and financial stability.\n  - Warning: “Pull the plug too early, and you risk serious, self-inflicted harm.”\n- (2) Build a more resilient and inclusive economy:\n  - New research shows public investment—especially in green projects and digital infrastructure—can be a game changer.\n  - Public investment has the potential to create millions of new jobs, while boosting productivity and incomes.\n  - Support workers as they transition to new jobs; focus on women and young people who have been disproportionately affected by the crisis.\n- (3) Deal with debt:\n  - Global public debt is projected to reach a record high of 100 percent of GDP in 2021.\n  - Countries need to boost spending to fight the crisis and secure the recovery; addressing debt over the medium-term will be critical.\n  - For many low-income countries, urgent action is required now: they need access to more grants, concessional credit, and debt relief.\n\n- International cooperation:\n  - More than ever, strong international cooperation is needed—especially on vaccine development and distribution.\n  - Faster progress on medical solutions could add almost $9 trillion to global income by 2025 and help narrow the income gap between poorer and richer nations."
    },
    {
      "heading": "The role of the IMF and recent actions",
      "content": "- Since the pandemic began, the IMF has pursued policy advice, capacity development, and financial resources:\n  - The IMF has reached over $280 billion in lending commitments—more than a third of that approved since March.\n  - The IMF still has substantial resources from its $1 trillion lending capacity to help support members.\n  - The IMF has provided financing to 81 countries.\n  - The IMF has extended debt service relief for its poorest members.\n  - The IMF has mobilized an additional $21 billion to support lending on concessional, zero-interest, terms.\n  - The IMF is preparing to gear up for the next phase—support for the recovery—and is considering options to further adapt its lending toolkit."
    },
    {
      "heading": "Closing message",
      "content": "- The speech concludes with an exhortation to act boldly: quoting Fyodor Dostoevsky, “Only one thing matters—to be able to dare!”\n- “We must dare to face our most daunting challenge together; we must dare to take the right actions now.”\n\nBy Kristalina Georgieva, IMF Managing Director. Washington, D.C. October 14, 2020.\n\n---\n\n\n References\n\n- https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva\n- 2020 Annual Meetings\n- IMF COVID-19 Hub\n- Policy Tracker\n- Financial Assistance\n- Questions & Answers\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2020/10/14/sp101420-we-must-take-the-right-actions-now"
    }
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    "Authors: Kristalina Georgieva",
    "Published: October 14, 2020",
    "Nine months into the pandemic, the crisis has taken more than a million lives, driven the economy into reverse, caused sharply higher unemployment, rising poverty, and the risk of “a lost generation” in low-income countries.",
    "The IMF projects the worst global recession since the Great Depression:",
    "Signs of stabilization and hope:",
    "Forecast uncertainty and near-term outlook:",
    "(1) Continue with essential measures to protect lives and livelihoods:",
    "(2) Build a more resilient and inclusive economy:",
    "(3) Deal with debt:",
    "International cooperation:",
    "Since the pandemic began, the IMF has pursued policy advice, capacity development, and financial resources:",
    "The speech concludes with an exhortation to act boldly: quoting Fyodor Dostoevsky, “Only one thing matters—to be able to dare!”",
    "“We must dare to face our most daunting challenge together; we must dare to take the right actions now.”",
    "[https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)",
    "[2020 Annual Meetings](https://meetings.imf.org/en/2020/Annual)",
    "[IMF COVID-19 Hub](https://www.imf.org/en/Topics/imf-and-covid19)",
    "[Policy Tracker](https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19)",
    "[Financial Assistance](https://www.imf.org/en/Topics/imf-and-covid19/COVID-Lending-Tracker)",
    "[Questions & Answers](https://www.imf.org/en/About/FAQ/imf-response-to-covid-19)",
    "[Speeches](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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