IMF Asks Countries To Subsidise Food And Energy

IMF Managing Director Kristalina Georgieva

International Monetary Fund (IMF) has asked countries to subsidise food and energy for the poorest members of the society.

Gatekeepers News reports that Managing Director of IMF, Kristalina Georgieva who made this call added people around the world are also struggling with the rising cost of living.

Georgieva said the support needs to be provided “in a very targeted manner, preferably by providing subsidies directly to people”.

The IMF boss said, “There are two priorities, one the very poor people, segments of society that are now struggling with high food and energy prices”.

She further called for the support of those businesses that have been “most damaged” by the war in Ukraine.

Although the IMF’s role is to work with governments to stabilise the global economy and enhance prosperity, that has been a challenge because food prices have hit record highs this year, whilst oil and gas prices have also risen sharply.

This is largely because of the twin shocks of the coronavirus pandemic and the war in Ukraine as Russia and Ukraine are major exporters of crops and hydrocarbons.