IMF Chief: Prepare For The “Unthinkable”

by | Feb 15, 2023 | Headline News

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    The Managing Director of the International Monetary Fund warned we need to “think of the unthinkable,” as we live in “a more shock-prone world” because of the COVID-19 scamdemic and the Russian “invasion” of Ukraine. Kristalina Georgieva of the IMF, or world bank, made the comments on Tuesday, during a World Government Summit panel hosted by CNBC’s Hadley Gamble.

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    “What we are very concerned [about] is the unexpected,” Georgieva said. “We all have to change our mindset to be much more agile and much more oriented towards building resilience at all levels, so we can handle the shocks better,” Kristalina Georgieva said Tuesday, during a World Government Summit panel hosted by CNBC’s Hadley Gamble.

    “We are not where we should be in being good stewards of our planet for our children,” Georgieva added. She then discussed the “war” in Ukraine saying the world lost “a very precious peace dividend,” prompting nations to spend more on defense and less on domestic concerns, such as healthcare and infrastructure.

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    “We cannot take peace for granted anymore,” she said. Georgieva praised the international response to the war as “quite remarkable” and stressed the global implications of the conflict:

    “Everyone got some sense of sympathy for a problem that today is Ukraine’s problem, but tomorrow can be a problem for many other countries – that you can be invaded by your stronger neighbor,” Georgieva said.  “In Ukraine, people strongly believe they are fighting not just for themselves, they are fighting for the right of every nation to exist and run its own affairs,” she added.

    Georgieva said that the IMF has to play a “stabilizing role” in the war in Ukraine and that the country needs between $40 billion and $48 billion to function this year.

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