Managing Director Kristalina Georgieva did not give any specific economic forecasts, but made clear her desire for governments to up their spending and that a synchronized approach internationally was best for growth."In terms of policies for right now, very unusual for the IMF, starting in March I would go out and I would say, 'Please spend.' Spend as much as you can and then spend a little bit more," Georgieva said.
"I continue to advocate for monetary policy accommodation and fiscal policies that protect the economy from collapse at a time when we are on purpose restricting both production and consumption," she said. Georgieva praised Russia's synchronized response to the economic challenges created by the COVID-19 pandemic, mentioning both the central bank's monetary easing and fiscal stimulus from the finance ministry.
She also called for more international cooperation, as has been seen in the race for a COVID-19 vaccine, on the push for digital and green growth. "IMF staff calculated that a coordinated G20 fiscal stimulus in green infrastructure, if it is done in a coordinated manner, would deliver two-thirds more in growth...than if each country acts on its own," she said.
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