Coordinated action needed to halt spread of fragile states – IMF chief

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'We have to have the humbleness to recognize that the universe of fragile states has been expanding, and unless we commit to bring all our forces together, we will not arrest or reverse that trend,' says IMF chief Kristalina Georgieva.

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Georgieva told a panel at the fall meetings of the IMF and World Bank the COVID-19 pandemic had exacerbated problems in states that were already more vulnerable to problems such as extreme poverty, droughts,"We have to have the humbleness to recognize that the universe of fragile states has been expanding, and unless we commit to bring all our forces together, we will not arrest or reverse that trend," she said.

Georgieva said economic trends were diverging for advanced economies and all developing countries, but the gap was far more stark for fragile and conflict-affected states, which saw real gross domestic product per capita decline by 6.6% in 2020.and were expected to face more inflationary pressures, but had a hard time raising revenues.

Support from the international community was critical to help fragile states and reverse the growing divergence, she said, noting that the IMF had provided $7.5 billion to support fragile states.– Rappler.com

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