## Act Now, Act Together: Opening Remarks for the Annual Meetings Press Conference

_IMF News, October 13, 2022_

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**Canonical URL:** [Act Now, Act Together: Opening Remarks for the Annual Meetings Press Conference](https://www.imf.org/en/news/articles/2022/10/13/imf-managing-director-press-briefing)

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## Bibliographic details
- Authors: Kristalina Georgieva
- Published: October 13, 2022

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### Context and immediate economic outlook
- Speech by Kristalina Georgieva, IMF Managing Director; Washington, DC; October 13, 2022.
- Global growth forecast cut to 2.7 percent in 2023.
- The World Economic Outlook shows a one-in-four chance that global growth could drop to a historic low of 2 percent next year.
- Repeated shocks cited: Covid, Russia’s invasion of Ukraine, and climate disasters on every continent.
- Rising prices and shrinking real incomes mean that even positive growth may feel like a recession for many.
- Risks to financial stability are growing and uncertainty remains exceptionally high.

### Major findings and key statistics
- Over 60% of low-income countries are at or near debt distress.
- 345 million people are acutely food insecure.
- Since the pandemic began, the IMF has provided $260 billion in financial support to 93 countries.
- Since Russia’s invasion of Ukraine, the IMF has supported 18 new and augmented programs with close to $90 billion.
- 28 additional countries are expressing interest in receiving support from the Fund.
- The $650 billion SDR allocation is in place.
- IMF ambition of $100 billion of on-lending of SDRs from countries in a strong position; the Fund has just crossed over $80 billion.
- Resilience and Sustainability Trust: pledges of $40 billion; staff level agreements for the first three countries: Barbados, Costa Rica, and Rwanda.
- Food Shock Window opened to provide rapid financing for urgent needs.

### Policy recommendations and priorities (Global Policy Agenda highlights)
- Act with a sense of urgency now, and act together.
- Bring inflation down:
  - Central banks should take decisive action when necessary and communicate clearly.
  - Recognize that rising interest rates come at a cost to growth, but insufficient tightening risks higher rates for longer and more harm to growth and people.
- Put in place responsible fiscal policy now:
  - Prioritize protecting vulnerable households and businesses.
  - Design measures to be temporary and well-targeted; steer away from across-the-board fiscal support that is neither effective nor affordable.
  - Ensure fiscal and monetary policies are coordinated: when monetary policy tightens, fiscal policy should not act as an accelerator.
- Safeguard financial stability:
  - Macroprudential policies need to be more vigilant and proactively address pockets of vulnerability.
- Support vulnerable emerging markets and developing countries facing a stronger dollar, high borrowing costs, and capital outflows—especially those with high levels of debt.
- Confront food insecurity urgently.
- Pursue transformational reforms to address climate change, make digitalization work for people, and address inequality.
- Improve debt resolution mechanisms:
  - Press for a more effective debt resolution mechanism.
  - Seek the G20 Common Framework to become more predictable, with clear guidelines and equality of treatment for all creditors, public and private.
  - Explore expanding donor coordination approaches to middle-income countries, such as Sri Lanka.

### IMF actions and instruments highlighted
- Economic analysis to help countries navigate complex environment and avoid policy mistakes.
- Lending aligned with counter-cyclical role.
- $260 billion provided in financial support to 93 countries since the pandemic began.
- Support of 18 new and augmented programs with close to $90 billion since Russia’s invasion of Ukraine.
- 28 additional countries expressing interest in IMF support.
- $650 billion SDR allocation; ambition of $100 billion on-lending with just over $80 billion reached so far.
- Operationalization of the Resilience and Sustainability Trust with $40 billion in pledges and staff level agreements for Barbados, Costa Rica, and Rwanda.
- Activation of the Food Shock Window for rapid emergency financing.

*Act Now, Act Together: Opening Remarks for the Annual Meetings Press Conference — Kristalina Georgieva; Washington, DC; October 13, 2022.*

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## References

- [The Managing Director's Global Policy Agenda, Annual Meetings 2022: Act Now, Act Together for a More Resilient World](https://www.imf.org/en/Publications/Policy-Papers/Issues/2022/10/12/The-Managing-Director-s-Global-Policy-Agenda-Act-Now-Act-Together-for-a-More-Resilient-World-524082)
- [https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)
- [Ukraine and the IMF](http://www.imf.org/external/country/UKR/index.htm)
- [Costa Rica and the IMF](http://www.imf.org/external/country/CRI/index.htm)
- [Sri Lanka and the IMF](http://www.imf.org/external/country/LKA/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)

_Source: https://www.imf.org/en/news/articles/2022/10/13/imf-managing-director-press-briefing_