{
  "title": "IMF’s Kristalina Georgieva: Beyond the COVID-19 Crisis",
  "sourceUrl": "https://www.imf.org/en/publications/fandd/issues/2020/06/turning-crisis-into-opportunity-kristalina-georgieva",
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  "summary": "IMF Managing Director Kristalina Georgieva looks beyond the COVID-19 crisis and how we can take advantage of this opportunity to build a better world.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- The world was put into stasis to protect public health: shops closed, factories were mothballed, and people’s freedom of movement was severely curtailed.\n- No country has escaped the health, economic, and social impacts of the COVID-19 crisis.\n- Tragically, more than 375,000 people have died and millions have been infected.\n- The IMF is projecting global economic activity to decline on a scale not seen since the Great Depression.\n- The article expresses hope that the crisis can be an opportunity to build a better world."
    },
    {
      "heading": "IMF response and financial support",
      "content": "- Governments have combined dramatic public health interventions with fiscal measures amounting to about $8.7 trillion.\n- Central banks have undertaken massive liquidity injections; richer countries have stepped up to support poorer nations.\n- The IMF doubled its emergency rapid-disbursing capacity to meet expected demand of about $100 billion.\n- By end-May the IMF had approved financing for 60 countries, a record.\n- The IMF established a new short-term liquidity line.\n- The IMF took steps to triple its concessional funding, targeting $17 billion in new loan resources for the Poverty Reduction and Growth Trust.\n- The Catastrophe Containment and Relief Trust was reformed to provide rapid debt-service relief on IMF obligations.\n- Working with the World Bank, the IMF catalyzed suspension of official bilateral debt repayments for the poorest countries through the end of 2020."
    },
    {
      "heading": "Governance, accountability, and vulnerabilities",
      "content": "- The IMF emphasized collective commitment and steadfast support while addressing governance vulnerabilities.\n- Corruption is highlighted as draining resources away from priorities like public health, social protection, distance learning, and other essential services.\n- Distorted spending priorities will undermine recovery and long-term efforts to promote sustainable, inclusive growth or raise productivity and living standards.\n- Policy guidance: “do whatever you can, but make sure you keep the receipts.” This entails adopting a range of public financial management, anti-corruption, and anti-money-laundering measures."
    },
    {
      "heading": "Recovery characteristics and challenges",
      "content": "- The recovery will be unusual due to uncertainty about the path of the virus, potential vaccines, and therapeutics.\n- Uncertainty could hamper the rebound of investment and consumption, especially if infection rates climb back up as containment measures are eased.\n- Countries with stronger macroeconomic fundamentals, social cohesion, and safety nets are likely to experience faster and stronger recoveries.\n- Existing vulnerabilities that will hinder the recovery include:\n  - high sovereign debt\n  - weak corporate, household, and bank balance sheets\n  - limited policy credibility\n- Governments will face the challenge of phasing out crisis-related policies.\n- Global cooperation will be vital to coordinate actions, share data, protect supply chains, and support more vulnerable countries."
    },
    {
      "heading": "A green recovery — reshape economies to be greener, smarter, and fairer",
      "content": "- Greener\n  - The pandemic underscores vulnerability to nature and parallels warnings about catastrophic climate change.\n  - Opportunity to invest in reducing emissions and adapting to new environmental conditions.\n  - Reorient economies to prioritize sustainability and resilience alongside efficiency and profitability.\n  - Policies should allocate resources to public goods: clean air, flood defenses, resilient infrastructure, and renewable energy.\n  - Lower commodity prices can create fiscal space to phase out regressive fuel subsidies that increase carbon emissions.\n  - Investment need stated: in the energy sector, a low-carbon transition could require $2.3 trillion in investment every year for a decade, bringing growth and jobs during the recovery phase.\n\n- Smarter\n  - Remote work and technology use have reduced travel, resource consumption, and introduced more agile business processes.\n  - Importance of investing in robust digital infrastructure and policy frameworks.\n  - The IMF and the World Bank Group launched the Bali Fintech Agenda in 2018 to help countries harness fintech while managing risks.\n  - Accelerate work with members to broaden digital transformation so benefits are shared more widely.\n  - Well-managed fintech can help end financial exclusion for the 1.7 billion people in developing economies who have no access to banking.\n\n- Fairer\n  - IMF research shows lower income inequality is associated with stronger and more sustainable growth.\n  - Social disparities have become more pronounced during the Great Lockdown.\n  - Informal workers in unregulated sectors or outside the tax system are twice as likely to belong to poor households.\n  - These workers typically have no access to sick leave or unemployment benefits; access to health benefits is often precarious.\n  - Opportunity to build fairer societies by investing in people: spend more and spend better on schools, training, and reskilling; expand well-targeted social programs; empower women by reducing labor market discrimination.\n  - Such investment will need to be funded by more equitable taxation, especially given enhanced public debt levels stemming from the crisis."
    },
    {
      "heading": "Solidarity, IMF role, and next steps",
      "content": "- Examples of solidarity: IMF staff enabling billions of dollars to support vulnerable people, cooking meals for the vulnerable, and caring for sick neighbors.\n- The IMF has shown its mettle as an economic first responder during the crisis.\n- Commitment: support members through policy advice, financing, and capacity development as the world enters the next phase.\n- The collective aim is to take the chance to build a better world.\n\nIMF’s Kristalina Georgieva: Beyond the COVID-19 Crisis - IMF F&D\n\n---\n\n Content in this bundle\n\n- كلام صريح\n  - كلام صريح (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - كلام صريح (PDF){rel=\"external\" type=\"application/pdf\"}\n- Después de la crisis ● Finanzas y Desarrollo ● Junio de 2020\n  - Después de la crisis ● Finanzas y Desarrollo ● Junio de 2020 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Después de la crisis ● Finanzas y Desarrollo ● Junio de 2020 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Beyond the Crisis\n  - Beyond the Crisis (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Beyond the Crisis (PDF){rel=\"external\" type=\"application/pdf\"}\n- 危机之后 - 《金融与发展》 2020年6月号 - 国际货币基金组织季刊\n  - 危机之后 - 《金融与发展》 2020年6月号 - 国际货币基金组织季刊 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 危机之后 - 《金融与发展》 2020年6月号 - 国际货币基金组织季刊 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/fandd/issues/2020/06/turning-crisis-into-opportunity-kristalina-georgieva"
    }
  ],
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    "Authors: KRISTALINA GEORGIEVA",
    "Published: June 1, 2020",
    "The world was put into stasis to protect public health: shops closed, factories were mothballed, and people’s freedom of movement was severely curtailed.",
    "No country has escaped the health, economic, and social impacts of the COVID-19 crisis.",
    "Tragically, more than 375,000 people have died and millions have been infected.",
    "The IMF is projecting global economic activity to decline on a scale not seen since the Great Depression.",
    "The article expresses hope that the crisis can be an opportunity to build a better world.",
    "Governments have combined dramatic public health interventions with fiscal measures amounting to about $8.7 trillion.",
    "Central banks have undertaken massive liquidity injections; richer countries have stepped up to support poorer nations.",
    "The IMF doubled its emergency rapid-disbursing capacity to meet expected demand of about $100 billion.",
    "By end-May the IMF had approved financing for 60 countries, a record.",
    "The IMF established a new short-term liquidity line.",
    "The IMF took steps to triple its concessional funding, targeting $17 billion in new loan resources for the Poverty Reduction and Growth Trust.",
    "The Catastrophe Containment and Relief Trust was reformed to provide rapid debt-service relief on IMF obligations.",
    "Working with the World Bank, the IMF catalyzed suspension of official bilateral debt repayments for the poorest countries through the end of 2020.",
    "The IMF emphasized collective commitment and steadfast support while addressing governance vulnerabilities.",
    "Corruption is highlighted as draining resources away from priorities like public health, social protection, distance learning, and other essential services.",
    "Distorted spending priorities will undermine recovery and long-term efforts to promote sustainable, inclusive growth or raise productivity and living standards.",
    "Policy guidance: “do whatever you can, but make sure you keep the receipts.” This entails adopting a range of public financial management, anti-corruption, and anti-money-laundering measures.",
    "The recovery will be unusual due to uncertainty about the path of the virus, potential vaccines, and therapeutics.",
    "Uncertainty could hamper the rebound of investment and consumption, especially if infection rates climb back up as containment measures are eased.",
    "Countries with stronger macroeconomic fundamentals, social cohesion, and safety nets are likely to experience faster and stronger recoveries.",
    "Existing vulnerabilities that will hinder the recovery include:",
    "Governments will face the challenge of phasing out crisis-related policies.",
    "Global cooperation will be vital to coordinate actions, share data, protect supply chains, and support more vulnerable countries.",
    "Greener",
    "Smarter",
    "Fairer",
    "Examples of solidarity: IMF staff enabling billions of dollars to support vulnerable people, cooking meals for the vulnerable, and caring for sick neighbors.",
    "The IMF has shown its mettle as an economic first responder during the crisis.",
    "Commitment: support members through policy advice, financing, and capacity development as the world enters the next phase.",
    "The collective aim is to take the chance to build a better world.",
    "**كلام صريح**",
    "**Después de la crisis ● Finanzas y Desarrollo ● Junio de 2020**",
    "**Beyond the Crisis**",
    "**危机之后 - 《金融与发展》 2020年6月号 - 国际货币基金组织季刊**"
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