On 18 November 2024, the Managing Director of the International Monetary Fund, Kristalina Georgieva, addressed the G20 Leaders’ Summit in Rio de Janeiro, expressing gratitude to global leaders for their continued trust and support. She discussed the International Monetary Fund’s efforts in strengthening global economic resilience and detailed key initiatives aimed at addressing the challenges faced by its member countries.
Kristalina Georgieva began by acknowledging the trust placed in the International Monetary Fund, which has enabled the institution to provide over one trillion dollars in liquidity and reserves to its members. She emphasized the International Monetary Fund’s efforts in building robust financial buffers to meet the historically high demands of member countries.
These efforts include a fifty percent increase in quota resources, surpassing the G20 goal of lending one hundred billion dollars in Special Drawing Rights to low-income and vulnerable middle-income countries. She also highlighted the creation of the Resilience and Sustainability Trust, a long-term concessional lending instrument, as well as reforms aimed at reducing borrowing costs for member countries. The International Monetary Fund doubled its lending capacity for low-income countries by deploying its income toward this goal.
Kristalina Georgieva elaborated and discussed the challenges faced by the global economy, including high debt levels, geopolitical tensions, regional conflicts, and protectionist policies that threaten growth. She stressed the International Monetary Fund’s commitment to supporting members as they rebuild fiscal buffers, manage debt, and implement reforms to enhance medium- and long-term growth prospects.
Collaboration with other multilateral organizations remains a priority, particularly in addressing global debt challenges. The International Monetary Fund is actively working with the World Bank on the G20 Common Framework, participating in the Global Sovereign Debt Roundtable, and advancing a new proposal to assist countries facing liquidity challenges.
Recognising the need for inclusivity and representation, Kristalina Georgieva also discussed key governance reforms undertaken by the International Monetary Fund.
On 1 November 2024, the Executive Board of the International Monetary Fund added a third chair for Sub-Saharan Africa to provide greater representation for the region. The institution is also expanding its global network of training centers and regional offices to enhance its presence and support for member countries.
The diversity of staff and management is being increased, and efforts are underway to align quota allocations with the evolving global economy. The Executive Board is expected to propose approaches to quota realignment, including a revised formula, by June 2025, as part of the 17th General Review of Quotas.
Kristalina Georgieva concluded her remarks by urging G20 leaders to continue their support for governance reforms that make the International Monetary Fund more inclusive, representative, and effective in addressing global economic challenges, while discussing the International Monetary Fund’s role in fostering stability, growth, and resilience in the global economy during a time of significant economic and geopolitical uncertainties.
