Kristalina Georgieva: "Imagine the devastation if …

The new Managing Director of the International Monetary Fund, Kristalina Georgieva, delivered her first official speech at the head of the multilateral agency. "The fund comes at a time when there are very hopeless situations, there are risks and it helps the country to reverse this moment", considered the Bulgarian economist and sociologist by implicitly mentioning the role of the agency in countries such as Argentina. "Of course it's difficult, but we have to think about what would happen if the Fund was not there, what would be the devastation of a completely ruined economy?, without hope of being rebuilt. What I would like to do in countries with programs, is what Christine Lagarde defined in her departure: a portfolio, a brain, but especially a heart that beats, "said Georgieva, who will attend its first annual meeting of the IMF next week in Washington

"The global economy is now in a period of synchronized deceleration. We expect that in 2019, growth will decline by nearly 90% of the world, "said the Bulgarian economist about the scenario of global stagnation. Become the main debtor of the agency after the loan for more than 56 million dollars, Argentina will be one of the ten worst performing countries in the world. Georgieva has not proposed updated forecasts that will only be released next week, but the latest figures released in July forecast a 1.3% contraction of the product this year. "This general slowdown means that growth this year will fall to its lowest rate since the beginning of the decade. In some of the major emerging economies, such as India and Brazil, the downturn is even more pronounced this year, "he warned in his speech.

Georgieva stressed the need to contain the expansion of public spending, guarantee the independence of central banks and implement structural reforms. "A new IMF study focused specifically on emerging and developing market economies shows that structural reforms can increase productivity and generate huge economic benefits," said the economist, targeting the group's direct interest. country in which it is located. Argentina