Global cooperation must to conquer economic problems: IMF

Lima, Oct 9 (IANS) International cooperation must be significantly enhanced to deal with common global challenges, such as economic spillovers, International Monetary Fund (IMF) managing director Christine Lagarde has said.

Speaking to the press prior to the World Bank Group-IMF Annual Meetings, Lagarde on Thursday warned policymakers around the world that “no country can go alone and international cooperation is more needed than ever”, Xinhua news agency reported.

In its Global Policy Agenda released on Thursday, the IMF identified economic spillovers as one of the key threats facing the global economy.

However, Lagarde said if policymakers could work together to upgrade their policies to reinvigorate growth, the impact of such spillovers could be mitigated.

The IMF has been offering advice to countries about how to upgrade their monetary policies to better cope with global pressures.

In terms of energy, countries spending a high amount of public resources on energy subsidies, such as Angola, India or Indonesia, were advised to significantly reduce them and move toward a carbon tax.

Egypt and Nigeria were advised to commit to rapid energy pricing reforms, given that some regions in the countries have little access to power despite abundant resources.

Export-dependent countries seeing revenues falling like Azerbaijan or Kazakhstan were advised to allow for exchange rate adjustments.

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