IMF chief Kristalina Georgieva on Thursday lauded Japan's plans to spend about 20% of its gross domestic product to respond to the economic challenges of the coronavirus pandemic and help the world's poorest countries, urging others to do their part.
WASHINGTON - IMF chief Kristalina Georgieva on Thursday lauded Japan’s plans to spend about 20% of its gross domestic product to respond to the economic challenges of the coronavirus pandemic and help the world’s poorest countries, urging others to do their part.
“While it has the clear intention to support the Japanese economy, Japan will also underpin the stability of the global economy through contributions to the International Monetary Fund’s resources for the provision of debt relief and concessional financing to low-income countries,” she said. “It is therefore crucial that the membership work together to support our poorest and most vulnerable members in this difficult period,” Georgieva said in the statement.
Funded by grants from members, the CCRT has already provided grants to 29 countries to cover their debt service payments to the IMF for an initial six-month period, according to the IMF. Members can also provide grants and loans to the PRGT, which supports low-income countries.U.S. Treasury Secretary Steven Mnuchin this month told the IMF’s steering committee that Washington was exploring contributions to both facilities, but gave no details on the amount or timing of such a contribution.
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