World economy getting to very soft landing, says IMFC chair

World Materials 19 April 2024 20:21 (UTC +04:00)
World economy getting to very soft landing, says IMFC chair
Laman Zeynalova
Laman Zeynalova
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U.S., WASHINGTON, April 19. The world economy is getting a very soft landing, said Mohammed Al-Jadaan, chair of the International Monetary and Financial Committee (IMFC) during a briefing held as part of the IMF Spring Meetings in Washington, Trend reports.

“Actually, what is happening now is a lot better than we expected. The global economy is more resilient. Inflation is coming down in most countries, and generally, we are getting to a very soft landing,” he said.

Al-Jadaan noted that the World Bank and the IMF itself have faced multiple global disruptions over the last few years.

“Prospects are improving, which is very positive, but numerous challenges remain, and we need to be vigilant,” added the chair.

He noted that the membership agreement on the priorities that were tabled is a big achievement.

“This is very important to make sure that the way forward we are all collectively working in a cooperative manner to deal with the challenges that we face. In precautionary balances, we are expected to reach medium-term targets of SDR $25 billion for the first time this month. This is a target that we set for ourselves about 15 years ago, and achieving it this month is really good. It basically provides a very good buffer to support membership and deal with shocks,” he explained.

Finally, as Al-Jadaan said it was agreed on the IMF way forward, supporting the debt restructuring under the G20 common framework agreements.

The Spring Meetings of the International Monetary Fund and the World Bank Group kicked off on April 15.

The main ministerial meetings and events will take place April 17–19, with other events and activities taking place during the week, April 15–20.

At the heart of the gathering are meetings of the joint Development Committee and the IMF's International Monetary and Financial Committee, which discuss progress on the work of the World Bank Group and the IMF.

The Spring Meetings bring together central bankers, ministers of finance and development, parliamentarians, private sector executives, representatives from civil society organizations, and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.