The International Monetary Fund (IMF) Director, Kristalina Georgieva, emphasized on Sunday that poor countries must adhere to certain conditions in order to receive economic aid from wealthy nations. During a panel at the World Economic Forum’s special meeting in Riyadh, Saudi Arabia, Georgieva stated that countries need to improve their tax collection, combat corruption, enhance spending quality and demonstrate commitment to their citizens. If these conditions are met, she suggested that rich countries should provide substantial international aid for debt restructuring.
Georgieva noted that the global economy has shown resilience despite recent shocks and the IMF has raised its global growth projection to 3.2% for 2024 due mainly to the strong economic performance of countries such as the United States and China. She stressed the importance of addressing inflation, rebuilding fiscal reserves to withstand external shocks and finding ways to cooperate to avoid negative impacts on growth prospects.
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