IMF Managing Director Kristalina Georgieva on Sunday urged G20 leaders meeting in South Africa to strengthen domestic reforms and deepen international cooperation, warning that global growth remains too weak and debt levels dangerously high.
Speaking at the first ever G20 Leaders’ Summit held on African soil, Georgieva said the world economy had shown resilience in the face of repeated shocks, but stressed that governments must “build confidence through credible and sustainable actions” to tackle persistent vulnerabilities.
“The global economy is doing better than we feared, but worse than we need,” she said, citing sluggish post pandemic growth, heavy debt burdens and rising geopolitical tensions.
Georgieva called for renewed momentum on structural reforms to unlock private sector investment, and praised the G20’s efforts to modernise trade rules and boost financing for vulnerable economies. She welcomed a 50 percent increase in IMF quota resources, saying the move would strengthen the Fund’s capacity to support its members.
Kristalina Georgieva, IMF Managing Director
The IMF chief also pressed for faster debt restructurings under the G20 Common Framework, noting progress made this year including the October Declaration on Debt but insisting “more decisive action” was required.
She thanked President Cyril Ramaphosa for South Africa’s leadership of the G20 and the country’s “generous hospitality” in hosting the summit.
