An economic team from Venezuela, along with representatives from the Central Bank, participated in a meeting with the Managing Director of the International Monetary Fund, Kristalina Georgieva, and the Western Hemisphere team to discuss issues such as technical assistance and mechanisms for recovering assets held abroad.

According to national and international media, during the meeting in Washington, the Venezuelan government reaffirmed its commitment to “strengthening domestic productive capacity and creating greater opportunities for well-being for all citizens.”

The agenda between the two delegations included the following steps for bilateral cooperation, including technical assistance to strengthen institutional capacities and improve macroeconomic management.

Venezuela made clear its respect for sovereignty, self-determination, and dialogue to resume the country’s economic development mechanisms.

M.Pino

Source: ultimasnoticias

(Reference image source: Dimitri Karastelev on Unsplash)

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La entrada Venezuela Discusses Technical Assistance with the IMF apareció primero en Bitfinance.

The speech by the director of the International Monetary Fund, Kristalina Georgieva, during the inauguration of the FinTech Festival in Singapore, was an exhortation to public institutions to prepare for the implementation of CBDCs as an instrument of financial inclusion.

The European official was optimistic about the creation and circulation of central bank digital currencies, although she noted that the trend is still in its initial stage.

In his opinion, few countries have made progress in creating a CBDC. Georgieva estimates that 60 % of nations are in the exploratory phase.

The IMF president maintains her commitment to CBDCs as an instrument for financial inclusion for unbanked populations, but weighs the fact that they could be the final blow for fiat money.

In her speech, he noted that “CBDCs can coexist with private money, being their safe and low-cost alternative.”

Likewise, he stressed the importance of having the necessary technologies to develop CBDCs, as well as investing in security measures to safeguard user data, in addition to the evaluation of risks related to cryptocurrencies and stablecoins.

The FinTech Festival was the setting for the presentation of the IMF’s CBDC virtual manual, by its director, who also addressed the importance of the Bank for International Settlements (BIS) in the framework of public sector digital money projects.

M.Pino

Source: cointelegraph

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La entrada IMF says CBDCs can promote financial inclusion apareció primero en Bitfinance.

At a press conference in Marrakech during the Annual Meeting of the International Monetary Fund (IMF) and the World Bank, Kristalina Georgieva, managing director of the IMF, has renewed her call to accelerate debt restructuring processes in distressed countries that request.

Georgieva has highlighted the importance of creativity in the so-called “Common Framework”, an initiative supported by the G20 countries. Although this approach has not produced quick results in the past, the economist reports that there has recently been encouraging progress in processing requests for assistance.

The managing director mentioned concrete examples, such as Chad, who completed his restructuring in 11 months; Zambia, in 9 months; Sri Lanka, in 6 months; and the current ongoing negotiations for Ethiopia, which Georgieva hopes will continue to move forward similarly.

The “Common Framework” not only involves the traditional creditors of the Paris Club, but also features new creditors such as Saudi Arabia, China, Brazil and the Arab Emirates, as well as private creditors and representatives of borrowing countries, all working together.

Georgieva showed understanding towards countries’ complaints about their debt burden, especially when it relates to the effects of climate change, a problem for which these countries are not responsible.

Regarding the cancellation of debt in countries in difficulty, Georgieva acknowledged that this measure is extremely difficult, since it requires the unanimous agreement of all participants in the “Common Framework” round table.

K. Tovar

Source: Bancaynegocios

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La entrada The director of the IMF wants debt restructuring apareció primero en Bitfinance.

The president of the International Monetary Fund, Kristalina Georgieva, warned this weekend about the implications of the recent banking crisis on global financial stability.

During her intervention at the China Development Forum, in Beijing, Georgieva referred to the possible risks for the world economy of the bankruptcy of banks in the United States and Europe.

The IMF chair noted: “At a time of rising debt levels, the rapid transition from a prolonged period of low interest rates to the much higher rates needed to combat inflation inevitably creates stresses and vulnerabilities, as evidenced by the recent developments in the banking sector in some advanced economies”.

She also highlighted the timely action of the governments of the United States and Switzerland in the face of the crisis presented by the Silicon Valley Bank and Credit Suisse.

However, she admitted that the bankruptcy of these financial institutions calls for vigilance to contain a domino effect, in addition to providing confidence to citizens.

M.Pino

Source: Portafolio

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La entrada IMF: Banking crisis impacts global financial stability apareció primero en Bitfinance.

The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, expressed confidence that the deterioration in global economic activity will bottom out this year and that growth will accelerate again in 2024.

“Our projection is that we will be down half a percentage point from 2022. However, the good news is that we expect growth to bottom out this year and 2024 to be a year where we finally see the global economy pick up,” Georgieva said. in statements.

In an article published by Georgieva, the Bulgarian economist warned that the reversal of the global integration process of the economies threatens to lead to a new cold war with economic blocs in conflict, with an adverse impact on world GDP of up to seven percentage points in in the event of severe geoeconomic fragmentation.

On the other hand, the managing director of the IMF reiterated that the central banks have not yet reached the end of the tightening of their monetary policies, given that inflation is slowing down but remains “quite high”.

“Central banks need to be careful not to take their foot off the brake too soon”, she added, after last week the US inflation rate hit its lowest level since October 2021, while inflation in the euro zone fell for the second month in a row in december.

As for China, which recently announced GDP growth of 3% in 2022, Georgieva repeated that the IMF projections call for GDP growth, although the Asian giant will not account for as large a share of global growth as in the past.

K. Tovar

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La entrada Deterioration of the world economy will bottom out apareció primero en Bitfinance.

Most of the world economy will face a “more difficult” year in 2023 than it was in 2022 due to the simultaneous slowdown in the United States, the European Union (EU) and China, the world’s three largest economies, according to the statement. the managing director of the International Monetary Fund (IMF), Kristalina Georgieva, noting that a third of the world economy will be in recession.

“For most of the world economy, this is going to be a tough year, tougher than the year we left behind. Why? Because the big three economies, the US, the EU and China, are slowing down simultaneously“, said the Bulgarian economist in an interview.

According to the director of the IMF, the United States is more resilient and can avoid recession, while “half of the European Union will be in recession next year” and China will slow down even more.

“I hope the United States does not fall into recession despite all these risks,” Georgieva said, noting that the IMF nevertheless expects “one third of the world economy to be in recession” and that even in countries that avoid recession contraction, “it will feel like a recession for hundreds of millions of people”.

In this sense, the economist recalled that the IMF anticipates a slowdown in the global economy that will cause world growth to slow down to at least 2.7% next year, when in 2021 it was 6% and 3.2 % last year.

K. Tovar

Source: El País

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La entrada IMF sees difficulties for 2023 apareció primero en Bitfinance.

The International Monetary Fund (IMF) assured that the bankruptcy of Russia “is no longer an improbable event” as a result of the sanctions applied in recent weeks after the attacks against Ukraine.

“Russia’s default is no longer an unlikely event. It’s not that Russia doesn’t have money, but the applied sanctions make it impossible for Russia to use this money”, said Kristalina Georgieva, managing director of the IMF.

The economist also highlighted that currently the agency does not maintain pragmatic or political relations with the government of Vladimir Putin. In the same way, she assured that the office in Moscow is not currently available.

On the other hand, the director of the IMF warned that the implemented sanctions caused an abrupt contraction of the Russian economy, leading it to a “deep recession” in which the depreciation of the ruble drives up inflation and substantially reduces purchasing power and standard of living of the vast majority of the Russian population.

In this way, Georgieva said that the deep contraction of the Russian economy and the potential significant contagions to other neighboring economies will have a probable effect on the world economic outlook, which the IMF will update next month, when growth projections will be revised “down”.

The IMF is in discussions with Ukraine about what may be most needed as support to ensure that the functioning of the Ukrainian economy, the Central Bank, the Ministry of Finance and key authorities are better adapted to the circumstances of the current crisis.

K. Tovar

Source: Swissinfo

La entrada IMF warns of possible bankruptcy of Russia apareció primero en Bitfinance.

The International Monetary Fund (IMF) announced that Illan Goldfajn will assume the position of director for the Western Hemisphere department from January 2022. He will replace Alejandro Werner, who retired last August after eight years in office.

Goldfajn was governor of the Central Bank of Brazil between May 2016 and February 2019. During his tenure he oversaw several regulatory changes that brought new players into the financial sector.

It will be the second time that Goldfajn works for the IMF, since between 1996 and 1999 he was an economist at the international organization. Later, between 2000 and 2003, he was director of economic policy at the Central Bank of Brazil. After that, he made the leap to the private sector as a partner of Gavea Investimentos, Ciano Investimentos and, finally, he became chief economist of Itaú Unibanco.

“I am very pleased that Illan is back with us at a crucial time and that we are able to benefit from his exceptional experience as we continue to help the countries of the region build more resilient and inclusive economies,” said the managing director from the IMF, Kristalina Georgieva.

The Western Hemisphere department gathers together the countries of the American continent, although the activity is almost exclusively focused on those belonging to Latin America and the Caribbean.

Fuente: dpa

La entrada IMF appoints Brazilian Illan Goldfajn as director of the Western Hemisphere apareció primero en Bitfinance.

Kristalina Georgieva, director of the IMF, stressed that the institution will maintain the precision of global economic growth for 2021 at 6 %, However, she considers it necessary to increase the vaccination process to be able to underpin this recovery.

Georgieva highlighted, during a conference organized by the Peterson Institute for International Economics that “in April we forecast economic growth of 6 %. In July it is also 6 %, but the composition of that 6 % has changed between April and July.”

According to the latest analyzes carried out, some nations will grow more rapidly, compared to the April diagnosis, while in others it will be slower, depending on the speed and effectiveness of the vaccination process. “The difference is mainly in the speed and effectiveness of the vaccines, and the ability to add fiscal space.”

For the representative of the IMF, it is essential to prioritize vaccination against the pandemic “as an economic policy” and with a “sense of urgency” to be able to fight Covid-19. E especially in the face of the new Delta variant, which has been spreading rapidly. “At the rate we are going today, we will be unable to cut the pandemic by the end of 2022.”

Georgieva urged nations that have surplus vaccines to coordinate, according to possibilities, donations to other countries. “If we speed things up, it will cost the same money, but it will have a greater impact.”

The official recalled that the IMF and other multilateral organizations have requested an investment from the international community by 50,000 million dollars, to facilitate access to vaccines and finance actions that boost the end of the pandemic.

M.Rodríguez

Source: bancaynegocios.com

La entrada IMF will maintain 6 % global growth forecast for 2021 apareció primero en Bitfinance.

The International Monetary Fund (IMF) prepared a proposal that consists of having 50,000 million dollars to apply a mass vaccination plan against Covid-19 for the world.

The organism’s goal is to have 40 % of the world’s population vaccinated by the end of this year.

“Our proposal sets objectives, assesses financing needs and defines pragmatic actions”, said Kristalina Georgieva, managing director of the IMF, at the World Health Summit held in Rome, within the framework of the G20.

The rest of the population should be vaccinated by the end of 2022, Georgieva said, in order to have a sustainable global economic recovery.

The authors of the IMF report stress that it is evident there will be no “sustainable end” to the economic crisis if health crisis is not resolved. Therefore, it is in the interest of all countries to put an end to this crisis for good.

To bring the world back on the path of growth, the IMF makes a series of proposals, and the first one is to help developing countries improve their vaccination campaigns.

K. Tovar

Source: Bancaynegocios

La entrada IMF launches global vaccination proposal apareció primero en Bitfinance.