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Georgieva: News on Vaccines provides hope of a durable end to this Crisis

Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued the following statement today at the conclusion of the Fifth “1+6” Roundtable convened by the Chinese authorities: 

“I would like to express my great appreciation to Premier Li for hosting the ‘1+6’ Roundtable and to the Chinese authorities for its excellent organization.

“The Fifth ‘1+6’ Roundtable took place against the backdrop of an uneven global recovery almost one year into the pandemic. While China’s recovery continues, there are other economies that may be losing momentum as they contend with further waves of the pandemic. The recent news on vaccines provides hope of a durable end to this crisis, yet many challenges remain. 

To end the crisis as quickly as possible, there is no alternative to working together, first and foremost by ensuring effective vaccines and treatments are available for everyone. During the dialogue I stressed three areas of global leaders’ policy agenda: debt, trade and climate change. 

“First, we need to work together to continue to assist the most vulnerable countries by providing debt relief and new financing. The extension of the G20 Debt Service Suspension Initiative and the new Common Framework for Debt Treatments are very welcome. We appreciate China’s efforts in helping to reach agreement on these initiatives and welcome China’s continued support of their implementation, which requires rapid and effective creditor coordination. The IMF will continue to assist in these efforts. 

“Second, we also need to cooperate to resolve trade tensions and modernize the international trading system to restore trade as an engine of growth . Reinvigorating multilateral trade reform at the WTO and strengthening the rules-based trading system will be critical, including to make the system fit for the digital era—and I’m pleased that China is taking an active role in WTO reform, including with its 2019 reform proposal. 

Third, the world is facing a climate crisis, and we will need strong policy actions and cooperation to meet this challenge . Here China’s commitment in reaching carbon neutrality by 2060 is critical and welcome. 

China’s fast recovery continues thanks to resolute measures in combatting the virus, mitigating its impact, and supporting growth. With the right mix of supportive macroeconomic policies focused on strengthening social safety nets and further key reforms, China will secure the recovery and ensure balanced and high-quality growth, which will benefit China and the world.”

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