International Monetary Fund (IMF) Managing Director Kristalina Georgieva has pointed to Pakistan as an example where the joint IMF-World Bank approach to economic reforms has delivered results.
Speaking after the G20 Finance Ministers and Central Bank Governors meeting in Asheville, North Carolina, Georgieva said the IMF and World Bank were helping countries implement reforms, improve domestic revenue collection and bring in more private-sector financing at lower costs.
She specifically named Pakistan and Ecuador while discussing countries where the approach had “worked well.”
Georgieva said the IMF and World Bank’s Three-Pillar Approach was aimed at helping countries with sustainable debt pursue reforms that can support economic growth.
She said one priority was speeding up implementation of these reforms, alongside efforts to mobilise more domestic resources and attract private investment.
For countries facing unsustainable debt, Georgieva called for stronger action to address debt problems and further improvements in restructuring mechanisms.
She also stressed the need for better debt transparency, stronger debt-management capabilities and improved relations between governments and investors to prevent debt from becoming unmanageable.
Georgieva further called for greater support from bilateral creditors and international partners to help developing economies increase investment and achieve stronger growth.
