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[1/2] International Monetary Fund Managing Director Kristalina Georgieva addresses the media on the fourth day of the annual meeting of the IMF and the World Bank, in Marrakech, Morocco, October 12, 2023. "So that is to my mind the number one priority for this COP, is to recognise that business as usual has to be dropped." Several countries were also considering using their 2021 SDR allocation on a bilateral basis alongside IMF programmes, she added. While the current average price was now around $5 a ton, "clearly there is a long, long, long way to go", she said, citing a preference for carbon taxes but openness to trading systems, as seen in Europe, or U.S.-style standards and rebates. This is ongoing work at the fund," she said, citing ongoing talks with the World Bank on how it would work.

Persons: Kristalina Georgieva, Susana Vera, Georgieva, it's, Andrea Shalal, Marc Jones, David Lawder, Alex Richardson Organizations: Monetary Fund, IMF, World Bank, REUTERS, International Monetary Fund, Reuters, Growth Trust, Sustainability Trust, African Development Bank, Inter, American Development Bank, Thomson Locations: Marrakech, Morocco, Dubai, Paris, Europe

☆ IMF urges pact to boost its resource quota, strengthen world economy
▼ + stars: | 2023-09-10 | by ( Swati Bhat | ) www.reuters.com time to read: +2 min

Kristalina Georgieva, Managing Director of the International Monetary Fund, arrives to attend a G20 Finance Ministers' and Central Bank governors' meeting at Gandhinagar, India, July 18, 2023. "To make the global economy stronger and more resilient in a more shock-prone world, it is vital to reach an agreement to increase the IMF's quota resources before the end of the year," she said. Such a pact would secure resources needed for the Fund's interest-free support to the poorest countries through the Poverty Reduction and Growth Trust, she added. The G20 summit also pledged to strengthen and reform multilateral development banks, while accepting a proposal to regulate cryptocurrencies more tightly worldwide. Reporting by Swati Bhat; Editing by Sudipto Ganguly and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Kristalina Georgieva, Amit Dave, Georgieva, Swati Bhat, Sudipto Ganguly, Clarence Fernandez Organizations: International Monetary Fund, Ministers, Central Bank governors, REUTERS, Growth Trust, Thomson Locations: Gandhinagar, India, DELHI, New Delhi

☆ US Treasury official pushes IMF quota increase to bolster lending resources
▼ + stars: | 2023-09-07 | by ( David Lawder | ) www.reuters.com time to read: +4 min

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. "We are making a commitment to reinvest in the IMF," Shambaugh said at a Center for Global Development event. A quota increase would require member countries, particularly its larger, wealthier shareholders, to contribute more funds at a time of slowing growth and tighter fiscal budgets following years of pandemic spending. The comment was partly a swipe at China's rampant lending to developing countries and reluctance to engage on debt restructurings. The IMF is aiming to complete a review of its quota resources -- which form the biggest part of its $1 trillion in total lending firepower -- by Dec. 15, and is seeking "considerable progress" by IMF annual meetings in Morocco in October.

Persons: Yuri Gripas, Jay Shambaugh, Shambaugh, Joe Biden, Janet Yellen, David Lawder, Andrea Ricci, Diane Craft Organizations: Monetary Fund, REUTERS, Rights, U.S, Treasury, Growth Trust, IMF, Global, World Bank, Thomson Locations: Washington , U.S, India, China, U.S, Brazil, Morocco

GANDHINAGAR, India, July 16 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Sunday she was "eager" to work with China on areas of mutual interest, including debt restructurings for poorer countries, and that multilateral development banks needed reforms before capital increases could be considered. "I am eager to build on the groundwork that we laid in Beijing to mobilise further action." U.S. corporations want to see an environment where they could "invest and thrive in China", Yellen said. She said a debt restructuring "user guide" was needed for borrowing countries and other stakeholders to provide clarity about the process. "We should build better banks, not just bigger banks," Yellen said.

Persons: Janet Yellen, Yellen, David Lawder, Aftab, Sudipto Ganguly, William Mallard Organizations: . Treasury, U.S ., Sri, International Monetary Fund, U.S . Treasury, IMF, World Bank, Bank, U.S, Thomson Locations: GANDHINAGAR, India, China, Beijing, U.S, Washington, Moscow, Ukraine, Russia, Gandhinagar, Indian, Gujarat, Sri Lanka, Ghana, United States, Congress, Aftab Ahmed

☆ Explainer: What is the 'Bridgetown Initiative' asking for at Paris summit?
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +4 min

[1/2] An aerial view shows the Seine River and the skyline of La Defense financial and business district near Paris, France, June 19, 2023. REUTERS/Stephanie LecocqPARIS, June 22 (Reuters) - President Macron hosts a summit in Paris starting Thursday to discuss reform of the world's multilateral finance institutions in the face of climate change and other development challenges. A key topic of discussion will be suggestions from a group of developing countries, led by Barbados, dubbed the 'Bridgetown Initiative'. They should simplify and harmonise the way countries can apply to access loans across the world. The international financial institutions should also finance development plans that help protect shared resources.

Persons: Stephanie Lecocq PARIS, Macron, Simon Jessop, Leigh Thomas, Christina Fincher Organizations: La Defense, REUTERS, Bridgetown Initiative, Monetary Fund, Rapid, IMF, World Bank, African Development Bank, Development Association, Growth Trust, Resilience, Sustainability Trust, World Trade Organisation, International Financial, Thomson Locations: Paris, France, Barbados, Bridgetown

☆ Explainer: What is the 'Bridgetown Initiative' asking for at Paris financial summit?
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +5 min

[1/2] An aerial view shows the Seine River and the skyline of La Defense financial and business district near Paris, France, June 19, 2023. REUTERS/Stephanie LecocqPARIS, June 20 (Reuters) - President Macron hosts a summit in Paris this week to discuss reform of the world's multilateral finance institutions in the face of climate change and other development challenges. A key topic of discussion will be suggestions from a group of developing countries, led by Barbados, dubbed the 'Bridgetown Initiative'. Simplify and harmonise the way countries can apply to access loans across the world, and provide more support in the process. The international financial institutions should also finance development plans that help protect shared resources.

Persons: Stephanie Lecocq PARIS, Macron, Simon Jessop, Leigh Thomas, Christina Fincher Organizations: La Defense, REUTERS, Bridgetown Initiative, Monetary, Rapid, IMF, World Bank, African Development Bank, Development Association, Growth Trust, Resilience, Sustainability Trust, World Trade Organisation, International Financial, Thomson Locations: Paris, France, Barbados, Bridgetown

☆ Yellen urges IMF to press creditors to finalize debt restructurings
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, April 4 (Reuters) - U.S. Treasury Secretary Janet Yellen on Tuesday called for quicker action to resolve several outstanding sovereign debt restructuring cases and urged the International Monetary Fund to press all bilateral creditors to finalize such deals. The Treasury said Yellen raised the issue during meetings with IMF Managing Director Kristalina Georgieva and Spanish Economy Minister Nadia Calviño, who heads the IMF's steering committee, ahead of next week's IMF and World Bank spring meetings of the IMF and World Bank. "Secretary Yellen urged the IMF to deepen its efforts to support low- and middle-income countries facing debt distress, including by continuing to press all bilateral official creditors to finalize outstanding debt restructuring cases," the IMF said in a statement. It added that Yellen discussed with Georgieva and Calviño priorities for the IMF and World Bank meetings, recent developments in the global economy and financial system, and the need to continue support for low-income and vulnerable countries. Reporting by Andrea Shalal; Editing by Leslie Adler and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

„Acum avem semnale că am primit undă verde pentru a putea continua şi vom contacta şi alte părţi. China şi-a exprimat interesul de a participa şi mă aştept ca şi alte economii emergente cu fundamente solide şi rezerve puternice să poată face acelaşi lucru”, a spus Kristalina Georgieva, la finalul summitului liderilor G7. Georgieva a salutat de asemenea angajamentul G7 de a dona un miliard de vaccinuri Covid-19 drept un pas important spre combaterea pandemiei, adăugând că discuţiile vor continua în cadrul G20. „Acesta este atât un imperativ moral, cât şi o necesitate economică. Am văzut în trecut că această divergenţă duce la mai multă inegalitate, creează un mediu pentru mai multă instabilitate în lume”, a spus directorul FMI.

Persons: Georgieva, FMI . Georgieva Organizations: FMI, G7, Monetar Internaţional, G20 Locations: China, FMI

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