{ "title": "Fostering a Fair Recovery", "publication": "IMF News, April 7, 2021", "sourceUrl": "https://www.imf.org/en/news/articles/2021/04/07/sp-fostering-a-fair-recovery", "canonical": "https://www.imf.org/en/news/articles/2021/04/07/sp-fostering-a-fair-recovery", "overlayPath": "/en/news/articles/2021/04/07/sp-fostering-a-fair-recovery/index.md", "summary": "Event: Opening Remarks for the Spring Meetings Press Conference by Kristalina Georgieva, IMF Managing Director, Washington, DC, April 7, 2021.", "authors": [ "Kristalina Georgieva" ], "publishDate": "2021-04-07", "sections": [ { "heading": "Introduction and outlook", "content": "- Event: Opening Remarks for the Spring Meetings Press Conference by Kristalina Georgieva, IMF Managing Director, Washington, DC, April 7, 2021.\n- Global growth forecasts:\n - 6 percent for this year.\n - 4.4 percent in 2022.\n- Recovery context:\n - Recovery underway after the worst global recession since the second world war.\n - Exceptional and coordinated fiscal and monetary actions limited the contraction; without these measures the global contraction last year would have been three times worse.\n - The outlook is brighter due to vaccine distribution and further policy support, especially in the United States.\n- Risks and uncertainties:\n - Economic fortunes are diverging; a small number of advanced and emerging market economies, led by the U.S. and China, are powering ahead while weaker and poorer countries lag.\n - High uncertainty from new virus strains and potential shifts in financial conditions.\n - Risk of long-term scarring from job losses, learning losses, bankruptcies, extreme poverty and hunger." }, { "heading": "Policy recommendations: Giving everyone a fair shot", "content": "- Overall priorities (from the Global Policy Agenda):\n 1. First, a fair shot at the vaccine.\n - Ramp up vaccine production and distribution and steer clear of export controls.\n - Fully fund the COVAX facility and ensure surplus vaccines are transferred to poorer countries.\n - Economic benefit: Faster progress in ending the health crisis could add almost $9 trillion to global GDP by 2025.\n - Urgency: The window of opportunity for rapid global vaccination is closing fast.\n 2. Second, a fair shot at recovery.\n - Support vulnerable households and viable firms while the crisis persists via targeted fiscal measures and maintaining favorable financial conditions.\n - Require careful communication by major central banks and prudent policies in emerging and developing countries to minimize harmful financial spillovers.\n - After the health crisis: gradually scale back broad support programs and scale up targeted hiring subsidies, retraining and reskilling—especially for low-skilled workers, youth and women.\n - Support viable small businesses through equity injections and better restructuring procedures.\n - Once recovery is firmly underway, ground fiscal policy in credible medium-term frameworks.\n 3. Third, a fair shot at the future.\n - Scale up public investment in green projects, digital infrastructure, health and education to ensure inclusive benefits from the transformation to greener, smarter economies.\n - Mobilize sufficient public revenues and more efficient spending; in many cases this entails more progressive taxation and agreements on minimum taxation for companies and international tax rights.\n - Couple domestic reforms with stronger support for poorer countries to fight the crisis and invest in the future.\n- Financing needs and instruments:\n - Low-income countries have to deploy some $450 billion over the next five years.\n - Needs include more domestic revenue mobilization, more external concessional financing, and more help to deal with debt.\n - Further extension of the Debt Service Suspension Initiative (just announced by the G20) and the new Common Framework for orderly debt restructuring will help." }, { "heading": "The role of the IMF", "content": "- Operational support and scale-up:\n - So far, the IMF has supported 86 countries with over $110 billion, using a variety of instruments.\n - IMF lending to Sub-Saharan Africa last year was 13 times more than the annual average over the previous decade.\n - The IMF has supported 160 countries through technical assistance and training.\n - The IMF has supported 29 of its poorest members through debt service relief that has recently been extended.\n- SDRs and liquidity:\n - As indicated by the G20, the IMF will propose a new SDR allocation of $650 billion to address long-term global need for reserve assets and provide a substantial liquidity boost to members, especially the most vulnerable.\n- Strategic message:\n - The crisis underscores shared global destiny and common responsibility to foster a fair recovery and build a resilient post-pandemic world.\n\nSource: Opening Remarks for the Spring Meetings Press Conference by Kristalina Georgieva, IMF Managing Director, April 7, 2021.\n\n---\n\n\n References\n\n- The Managing Director’s Global Policy Agenda, Spring Meetings 2021 : Bolstering the Recovery, Countering the Divergence\n- Spring Meetings 2021 Curtain Raiser Speech: Giving People a Fair Shot—Policies to Secure the Recovery\n- https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva\n- United States and the IMF\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2021/04/07/sp-fostering-a-fair-recovery" } ], "bullets": [ "[Markdown version](/en/news/articles/2021/04/07/sp-fostering-a-fair-recovery/index.md)", "[Structured JSON version](/en/news/articles/2021/04/07/sp-fostering-a-fair-recovery/index.json)", "[Bundle manifest](/en/news/articles/2021/04/07/sp-fostering-a-fair-recovery/bundle-manifest.json)", "Authors: Kristalina Georgieva", "Published: April 7, 2021", "Event: Opening Remarks for the Spring Meetings Press Conference by Kristalina Georgieva, IMF Managing Director, Washington, DC, April 7, 2021.", "Global growth forecasts:", "Recovery context:", "Risks and uncertainties:", "Overall priorities (from the Global Policy Agenda):", "Financing needs and instruments:", "Operational support and scale-up:", "SDRs and liquidity:", "Strategic message:", "[The Managing Director’s Global Policy Agenda, Spring Meetings 2021 : Bolstering the Recovery, Countering the Divergence](https://www.imf.org/en/Publications/Policy-Papers/Issues/2021/04/07/The-Managing-Directors-Global-Policy-Agenda-Spring-Meetings-2021-Bolstering-the-Recovery-50343)", "[Spring Meetings 2021 Curtain Raiser Speech: Giving People a Fair Shot—Policies to Secure the Recovery](https://www.imf.org/en/News/Articles/2021/03/25/sp033021-SMs2021-Curtain-Raiser)", "[https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)", "[United States and the IMF](http://www.imf.org/external/country/USA/index.htm)", "[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)" ], "alternates": { "markdown": "/en/news/articles/2021/04/07/sp-fostering-a-fair-recovery/index.md", "json": "/en/news/articles/2021/04/07/sp-fostering-a-fair-recovery/index.json", "bundleManifest": "/en/news/articles/2021/04/07/sp-fostering-a-fair-recovery/bundle-manifest.json" }, "generatedAtUtc": "2026-09-26T00:18:06.926Z" }