IMF Countries Agree to Increase Funding as Israel-Gaza Conflict Adds Uncertainty
IMF Countries to Boost Funding
International Monetary Fund (IMF) countries have reached an agreement to significantly increase the fund’s lending resources by the end of the year. This decision comes as the IMF Managing Director, Kristalina Georgieva, warns that the Israel-Gaza conflict is contributing to global economic uncertainty.
Ensuring Global Financial Stability
During a news conference following the IMF’s steering committee meeting, chair Nadia Calvino stated that the increase in quota funding would ensure the IMF’s ability to maintain global financial stability. However, the details of the funding increase are still being negotiated.
Unanimity on Core Issues
While it remains uncertain whether the International Financial and Monetary Committee will endorse the widely backed U.S. plan for countries to contribute new funds proportionate to their shareholdings, Calvino affirmed that there was unanimity on “core issues.” This plan could potentially delay gains for countries like China and other large, fast-growing emerging markets.
Impact of Israel-Gaza Conflict
Georgieva expressed concern over the gravity of the Israel-Gaza conflict during the IMF-World Bank meetings. She highlighted the evolving situation from attacks on innocent civilians in Israel to the need to prevent the loss of civilian lives in Gaza. The shock felt by attendees was apparent, and Georgieva emphasized that it is too early to measure the conflict’s impact on the global economy.
Recognizing Uncertainty
Georgieva acknowledged that the Israel-Gaza conflict adds another layer of uncertainty to the global economic landscape. The extent and duration of the conflict will greatly determine its overall impact. She stressed the importance of closely monitoring the situation to assess its potential consequences.
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