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Your quarterly reminder that the wealthy farmer is sleeping with a person who decides where all the IMF money goes.

Bill Gates

Kristalina Georgieva
Kristalina Ivanova Georgieva-Kinova is a Bulgarian economist serving as chair and managing director of the International Monetary Fund since 2019.

IMF Managing Director Announces the US$650 billion SDR Allocation Comes into Effect

Washington, DC: Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) made the following statement today:

“The largest allocation of Special Drawing Rights (SDRs) in history—about US$650 billion—comes into effect today. The allocation is a significant shot in the arm for the world and, if used wisely, a unique opportunity to combat this unprecedented crisis.

“The SDR allocation will provide additional liquidity to the global economic system – supplementing countries’ foreign exchange reserves and reducing their reliance on more expensive domestic or external debt. Countries can use the space provided by the SDR allocation to support their economies and step up their fight against the crisis.

“SDRs are being distributed to countries in proportion to their quota shares in the IMF. This means about US$275 billion is going to emerging and developing countries, of which low-income countries will receive about US$21 billion – equivalent to as much as 6 percent of GDP in some cases.

“SDRs are a precious resource and the decision on how best to use them rests with our member countries. For SDRs to be deployed for the maximum benefit of member countries and the global economy, those decisions should be prudent and well-informed.

“To support countries, and help ensure transparency and accountability, the IMF is providing a framework for assessing the macroeconomic implications of the new allocation, its statistical treatment and governance, and how it might affect debt sustainability. The IMF will also provide regular updates on all SDR holdings, transactions, and trading – including a follow-up report on the use of SDRs in two years’ time. – Source

IMF / Conversation with Kristalina Georgieva and Melinda Gates

The IMF hosted a conversation between IMF Managing Director, Kristalina Georgieva, and Melinda Gates, Co-chair of Bill & Melinda Gates Foundation on Wednesday, October 14. The conversation was moderated by Becky Anderson, host of Connect the World on CNN International. The conversation debated how COVID-19 anywhere is an obstacle to the recovery everywhere and the need for investments—in testing, therapeutics, and vaccines—and global cooperation.

Georgieva expressed her concern that 2020 is a very dire year for the global economy, which will be shrinking by 4.4%. But she remains hopeful as the IMF projects that in 2021 there will be a growth of 5.2% because of the multiple vaccine trials already in motion.

“What we expect for next year is indeed that there will be success because so many vaccine trials are now in motion. But we are also realistically expecting that it would take time until a vaccine becomes available everywhere. And it would be probably all the way until the end of 2022, when the world with vaccines equipped with vaccines, will have deployed them universally,” said Georgieva.

Gates highlighted that women and most vulnerable populations are disproportionately affected by the COVID-19 crisis and stressed that the equitable distribution of a vaccine is so important, given that the ultimate goal is swift recovery to push the economy, and the world, back on its feet.

“The idea is obviously we want the swiftest recovery we can around the world to reopen the global economy. So, you have to start with looking at health care workers, 70 percent of them are women. So around the globe, you need to get vaccine out first to health care workers because they are keeping us alive. Secondly, you have to get it out to the most vulnerable populations in country by country. There have been forecasts done that say if you take the first two billion doses of vaccines and they only get out to the high-income countries, you’re going to get twice as much death,” said Gates. – Source