IMF's Georgieva says Pakistan faces 'significant' economic difficulties'
World
She was speaking at a World Economic Forum (WEF) session in the capital of Saudi Arabia, Riyadh
(Web Desk) – International Monetary Fund (IMF) Managing Director Kristalina Georgieva on Sunday expressed her concerns about the economic situation of Pakistan.
She was speaking at a World Economic Forum (WEF) session in the capital of Saudi Arabia, Riyadh.
She said that China's performance in the first quarter was better than expected, while Pakistan was facing significant difficulties.
According to Georgieva, Egypt has performed better but it still has difficulties.
Expressing her thoughts she said: "The global economy had suffered more than $3 trillion losses due to the coronavirus pandemic. The less developed countries had to face more losses due to the pandemic."
Some countries, like China and Indonesia, had steered out of the coronavirus crisis.
Speaking about the economic situation of advanced economies, Georgieva said: "The economy of the United States is better, but the situation in the Eurozone is not good."
She said that the performance of emerging markets like Indonesia, Malaysia and India is also good.
"The IMF has three basic priorities. The first priority is to bring inflation down to the target. It is also the IMF's target to create a balance between income and expenditures," said Georgieva.
She said: "The pandemic and wars had depleted the reserves of many countries. There will be more hardships in the coming days."
