Accelerating the pace of vaccinations around the world is essential not only to contain the pandemic but also to resolve bottlenecks in supply chains that are hampering the global economic recovery, IMF Managing Director Kristalina Georgieva said Thursday.
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Global economy and finance officials, gathered in Washington for the fall meetings of the International Monetary Fund, have raised concerns about the shortages caused by the disruptions that are pushing up prices and weighing on households. These blockages stem from the unprecedented situation created by the pandemic: a strong rebound in demand, but factories that are not yet operating at full capacity and overdue deliveries due to outbreaks of infections and difficulties in recruiting workers who fear being infected in turn.
Kristalina Georgieva insisted that the
"most fundamental problem"
is the growing gap in recovery between advanced countries and emerging and developing countries, in large part due to considerably lower vaccination rates in poor countries.
“From this meeting came a very clear message that immunizing the world is essential,”
she told reporters.
"International cooperation"
Members
"called for strong international cooperation and immediate action to achieve vaccination for all,"
said Swedish Finance Minister Magdalena Andersson, who chairs the IMF's steering committee.
The Fund also believes inflationary pressures are mostly transient, but the committee stressed that central banks need to monitor prices closely and will take action if
"real"
risks
materialize.