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Pakistan faces major challenges, MDIMF

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MDIMF Kristalina Georgieva — file photo

The Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva said that some countries like Pakistan are facing many difficulties.

Kristalina Georgieva, speaking at a special session of the World Economic Forum in Riyadh, Saudi Arabia, said that there were two messages from the IMF during this meeting of the World Economic Forum.

He said that despite the difficulties of the last few years, the development and the economy is good, we have improved the growth estimates for this year, the performance of America in advanced economies is good.

Kristalina Georgieva said emerging markets such as Indonesia, Malaysia and India also performed well, while China’s performance in the first quarter was better than expected.

He said that Egypt is better now, but it also has problems, the situation of low-income countries is getting worse, the world lost 3.3 trillion dollars because of the Corona epidemic.

MDIMF said that low-income countries are more affected by the economic loss due to Corona, for us there are 3 priorities at the moment.

He also said that the first priority is to bring inflation to the target in countries where inflation is high. They have succeeded in lowering inflation to a certain extent, but there is work to be done.

The MDIMF said that our second priority is to focus on controlling the fiscal deficit, controlling the fiscal deficit is a difficult phase.

He added that our third priority is to find more ways for cooperation.

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