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IMF chief says 62% of COVID-19 lending went to Latin America By Reuters

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© Reuters. FILE PHOTO: IMF and World Financial institution maintain Annual Conferences in Washington

By Andrea Shalal

WASHINGTON (Reuters) -Sixty-two % of the Worldwide Financial Fund’s lending in response to the coronavirus pandemic has gone to 21 nations in hard-hit Latin America, IMF Managing Director Kristalina Georgieva mentioned on Tuesday.

Georgieva informed a panel hosted by the Americas Society/Council of the Americas, the fund had loads of lending firepower left, and would give attention to serving to nations within the area take the “flip in direction of a greener and digital and fairer financial system.”

Latin America had 8% of the world’s inhabitants, however about 20% of the COVID-19 infections and 30% of the deaths, and the top of the pandemic was not but in sight, Georgieva mentioned.

She mentioned the IMF’s forecasts for 2021 referred to as for international progress of 5.2% in 2021, with rising markets to broaden by 6%, however Latin America was anticipated to develop solely 3.6%.

The IMF chief mentioned nations within the area might guarantee higher progress sooner or later by investing in human capital and schooling, addressing persistent inequalities and creating extra alternatives for younger folks, ladies and entrepreneurs.

To scale back gender inequality, governments ought to create situations for elevated workforce participation by ladies, together with via funding in rural roads, enacting anti-discrimination necessities for the non-public sector, and making childcare extra reasonably priced, she mentioned.

Georgieva mentioned the U.S. election and the incoming Biden administration’s sturdy dedication to combating local weather change, in addition to a plan to take a position $4 billion in Central America, spelled excellent news for Latin America, which ships about 45% of its exports to the US.

Total plans to spice up the U.S. financial system and diversify international provide chains would additionally profit the area, she mentioned.

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