The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, in statements this Saturday (25) to G20 authorities in Bengaluru, India, defended the strengthening of the international financial architecture, according to a statement from the entity.
According to the official, action is needed especially in the area of debt resolution and to strengthen the global financial safety net.
The G20 held a meeting of finance ministers and central bank governors in the Indian city.
In the face of “growing vulnerabilities” in debt in many countries, Kristalina Georgieva championed efforts to strengthen the architecture of these debts and improve the speed and effectiveness of debt resolution.
The managing director of the IMF said that there were already “high vulnerabilities” in sovereign debt before the pandemic, but with the Covid-19 shock, the picture was exacerbated, also worsened by Russia’s war in Ukraine.
In this context, it is crucial that the G20 strengthen the debt architecture, he defended. More predictable and orderly processes are needed for countries, he argued, citing Sri Lanka and Suriname as examples.
For Kristalina Georgieva, dialogue and collaboration on debt issues are needed in the current context.
Source: CNN Brasil

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