IMF: G20 Backs IMF Chief Kristalina Georgieva's New Trust On Rich Countries

October 14, 2021

IMF chief Kristalina Georgieva on Wednesday won the endorsement of the Group of 20 major economies for a new trust that will allow rich IMF members to donate their share of newly created emergency reserves to a broader range of countries in need.

Analyst View

The endorsement of the leadership of IMF is very important at this period that the leadership is undergoing through integrity crisis due to its "Doing Business" report.

You would recall that the IMF is at the forefront of agitations for advanced economies to use more of their progressive income taxes, inheritance and property taxes, and taxes on “excess” corporate profits to help reduce inequalities exposed by the COVID-19 pandemic.

The G20 is the international forum that brings together the world’s major economies. Its members account for more than 80% of world GDP, 75% of global trade, and 60% of the population of the planet. The endorsement of G20 of the leadership of the IMF is very important since they are the major Fund provider of the IMF/World Bank platform.

Some of the key members of the G20 are; Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, India, Indonesia, Italy, Mexico, Russia, South Africa, Saudi Arabia, South Korea, Turkey, the United Kingdom, the United States, and the European Union.

SOURCE: REUTERS
IMAGE SOURCE: PIXABAY