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IMF, World Bank meet as world economy is in deep recession
By Eric Martin
Bloomberg News
Saturday, October 10, 2020
The guardians of the global economy will gather this week under the cloud of the worst recession since the Great Depression, and a recovery dependent on scientists finding a coronavirus vaccine.
The International Monetary Fund and World Bank will hold their annual meetings, with both calling on the Group of 20 largest economies to extend a freeze in debt payments from the world’s poorest nations that's set to expire at year end.
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While the fund last month flagged a "small upward revision" to its 2020 growth forecast from its June outlook, it warned the rebound will be long and uneven. ...
The G-20 agreed in April to waive billions of dollars in repayments by poorer nations until the end of the year under the Debt Service Suspension Initiative. The World Bank says this isn't enough and wants borrowings reduced to prevent a bigger fallout.
The IMF has also been working to figure out how to transfer existing reserve assets known as special drawing rights from rich countries that don't need them to poorer nations that do. A proposal to create $500 billion in SDRs was blocked in April by the United States, the fund's biggest shareholder, which criticized the plan as inefficient. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2020-10-11/imf-meets-with-global...
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