Washington: The International Monetary Fund said on Thursday that the emergence of new variants of the Corona virus has increased uncertainty, which poses negative risks to the green shoots of the global economy, while noting that the crisis is exacerbating poverty and inequality.

The International Monetary Fund said in a statement following the conclusion of its annual meeting, which was attended by Union Finance Minister Nirmala Sitharaman, that the emergence of virus variants has increased uncertainty and risks to recovery tend to the downside.

She added that the crisis is exacerbating poverty and inequality, while climate change and other common challenges are becoming more urgent and require our urgent attention.

In the statement, she said, strong international cooperation and immediate actions are needed to accelerate mass vaccination to stem the spread of the epidemic, reduce differences, and support a comprehensive recovery everywhere.

The IMF also promised to take steps to boost the supply of vaccines, essential medical products and inputs to developing countries and remove related supply and financing constraints to help them achieve the global goals of vaccinating at least 40 percent of the population in all countries by the end of 2021 and 70 percent by mid 2022.

Magdalena Andersson, the Swedish Finance Minister who chaired the meeting, later told a news conference that the pandemic had exacerbated poverty and inequality globally.

She said the meeting called for strong international cooperation and immediate action to achieve universal vaccination. In the meantime, climate change is becoming more urgent and demands our urgent attention. We made a strong commitment to further accelerate climate action in line with the Paris Agreement, Anderson.

“Here, we will use all effective tools tailored to each country’s specific circumstances. We will work together to help build a more resilient and sustainable global economy,” she said.

“There is a stronger sense of urgency when it comes to climate change,” she said in response to a question. The statement noted that they look forward to the outcomes of COP26 and are strongly committed to further accelerating climate action in line with the Paris Agreement, taking into account country-specific factors.

“In this context, we will use a mix of policies based on all effective tools, from financial, market and regulatory measures, including effective policy tools, to reduce greenhouse gas emissions while protecting the most vulnerable,” the IMF said.

“We will also collaborate to unlock the potential of the digital economy with the aim of achieving benefits that reach all countries while managing the associated risks,” she added.

“We will implement a stronger international tax architecture,” the statement read, while global financial leaders reaffirmed their commitments on exchange rates, excessive global imbalances and governance, and their statement on the rules-based trading system, as released in April 2021.

International Monetary Fund Managing Director Kristalina Georgieva told reporters that without a coordinated global response from policy makers, the world would not be on the path to recovery. And it is this spirit that we need now more than ever to confront multiple challenges in the future, from inflation to debt to economic divergence and relevance at the same time as we grapple with short-term challenges to strive to build a more resilient and more sustainable global economy that benefits all.


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