Wednesday, June 19, 2024

IMF Increases Funding By Year’s End… And Gaza War Increases Economic Uncertainty


Kristalina Georgieva, Director of the International Monetary Fund (Archive)

Saturday 14 October 2023 / 20:01

International Monetary Fund member countries agreed to “significantly increase” the fund’s lending resources by the end of the year, while IMF director Kristalina Georgieva warned that the conflict between Israel and Gaza was adding to global economic uncertainty.

At a press conference following a meeting of the International Monetary Fund’s steering committee, committee chair Nadia Calpinho did not reveal the conditions for increasing the financing stake, but she said the fund would stabilize. To maintain global financial stability.

The final wording of the report is still being negotiated, a source familiar with the talks said.

It is unclear whether the International Monetary and Financial Committee will back a broad U.S. plan to issue new funds at a ratio of existing holdings, delaying any gains for China and other large, fast-growing markets.

Spanish Economy Minister Calpeño, who chairs the fund’s steering committee, said there was consensus on “key issues”.

The Gaza war is on the discussion table

Georgieva told a press conference that the intensity of the conflict between Israel and Gaza was evident during last week’s International Monetary Fund and World Bank meetings, as the situation arose “necessarily” from attacks on “innocent civilians” in Israel. The civilians in Gaza must now find ways to prevent the loss of their lives.

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“I can say that people felt shock during our meetings,” Georgieva said, adding that “it is too early to assess the impact of the conflict on the world economy.”

“Certainly what we’re looking at, we acknowledge, is another source of uncertainty,” he said, adding that many things depend on its scope and duration.

Rolf Colon
Rolf Colon
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