The Time Is Now: We Must Step Up Support for the Poorest Countries

Reducing poverty and improving equity
Posted Apr 05, 2023 | International Monetary Fund

The challenges facing low-income countries have grown immensely in recent years, which have suffered both from the pandemic and a succession of economic shocks. Today they face additional challenges from restricted financing, high inflation, persistent food insecurity, rising debt strains and sociopolitical tensions. Without more support, there is little chance of them making up the lost ground, warns the IMF’s Managing Director, Kristalina Georgieva. She suggests that richer nations should assist poorer ones by pooling their resources and funding the work of the IMF, World Bank and other multilateral agencies, as well as through their national development finance programmes. The IMF’s tried-and-tested instrument to assist these countries - the Poverty Reduction and Growth Trust - is in urgent need of replenishment so that this source of interest-free financing can continue.


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