IMF warns more funding needed to safeguard global economy

IMF warns more funding needed to safeguard global economy

WASHINGTON “” Warning that the recovery from the pandemic crisis is not yet over, the International Monetary Fund (IMF) on Thursday called on policymakers to continue to spend money to shore up the global economy and ensure no one is left behind.

Without that aid, and additional financing from both the fund and the World Bank, developing countries and the poor in many countries could struggle to rebound from the downturn caused by COVID-19, the IMF said at the conclusion of its spring meeting.

Continued support is needed to "mitigate and heal economic scars,“ IMF Managing Director Kristalina Georgieva told reporters.

"We want to make sure everybody has a fair shot to a better life.“

That means accelerating access to vaccines and taking advantage of the opportunity presented by the crisis to invest in green technology, which can create good paying jobs and address climate change.

US Treasury Secretary Janet Yellen joined the call, urging "significant“ new spending to ensure a solid rebound from the damage inflicted by the COVID-19 pandemic.

While the economic outlook has "improved significantly“, especially due to substantial government support, "the job is not yet done, given high uncertainty and the risk of permanent scarring“, Yellen said.

"I urge major economies to not