The fund’s report on Tuesday lays bare the severe fallout from the Ukraine war. The global economy will only grow by 3.6% this year, 0.8 percentage points below the previous forecast. Inflation will be much higher for longer. Yet nearly two months after the invasion, the IMF has allocated just $1.4 billion of its “rapid financial instruments” to Ukraine, and set up a special account to receive funds from donors to help the country’s reconstruction.
The IMF’s weak response will reinforce critics, like Yellen, who are beginning to wonder if its governance is the bigger problem. The risk is that in a polarised world, an organisation where China and Russia together have nearly the same voting rights as Germany and France will become paralysed.
Source: Financial Digest (financialdigest.net)
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