IMF urges wealthy countries to help poor in economic crisis

The International Monetary Fund (IMF) has played a major role in helping developing countries since the outbreak of the Covid-19 pandemic and subsequent political developments from the war in Ukraine and the crisis in Taiwan, resulting in successive economic crises.

The International Monetary Fund (IMF) called on wealthy countries to continue providing economic support to developing countries, especially those suffering from the economic crisis and debt due to the impact of the COVID-19 pandemic.

For its part, IMF Director-General Kristalina Georgieva said: “Cooperation among the world’s economies goes hand in hand with solidarity with those most in need of such solidarity.”

“Over the past 3 years, low-income, vulnerable countries and people have been hit very hard,” she added.

She said 2023 is expected to be another difficult year with global growth falling under 3 percent because of the war in Ukraine and “monetary tightening.”

“Inter-State cooperation has transformed the global economy by deepening trade integration into progress, increasing incomes and living standards around the world.”

For Asia, the IMF Director General noted that trade integration has been a key component of the continent’s strong GDP growth over the past years.