December 1, 2022

World’s poorest countries ‘suffering the most’ from ‘multiple crises’ confronting world economy as money flows to ‘rich nations’, say Malpass and Georgieva

Managing Director Kristalina Georgieva participates in a one-on-one conversation with World Bank President David Malpass during the 2022 Annual Meetings at the International Monetary Fund. IMF Photo/Cory Hancock 10 October 2022 Washington, DC, United States Photo ref: CH221010002.jpg
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The Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva and World Bank President David Malpass concluded on Monday that while poorest nations are suffering the most from multiple crises confronting the world economy, capital that could lessen the pain is flowing primarily to richer nations.

Both leaders discussed how advanced economies are diverting capital from emerging market and developing economies by running larger fiscal deficits and buying only the bonds of advanced economies.

Georgieva said that public money alone could not fill the immense financing gap faced by the world’s poorer nations, but it could open a space for private money to build more resilient economies.

You can watch their interaction below.

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