The International Monetary Fund called on the G20, which comprises the world’s 20 largest economies, to put into effect a co-ordinated global strategy to end the Covid-19 pandemic and support the global economic recovery.
Global leaders must take bold action now to end the pandemic and create space for a more sustainable and inclusive economy, IMF managing director Kristalina Georgieva said on Wednesday.
“The foundations for recovery remain strong because of the combined effect of vaccines and the extraordinary, synchronised policy measures led by the G20,” she said. “Yet, our progress is held back especially by the new virus variants and their economic impact, as well as by supply chain disruptions.”
Our progress is held back especially by the new virus variants and their economic impact, as well as by supply chain disruptions
Kristalina Georgieva,
IMF chief
Earlier this month, the fund lowered its growth forecast for the global economy to 5.9 per cent for 2021 because of what it said was a "hobbled" recovery due to the Covid-19 Delta variant, the divergence in the vaccine campaigns among countries, continuing supply-demand mismatches, rising inflation, high debt levels and financial market volatility.
The global economy contracted 3.3 per cent last year.
“Widespread vaccinations and continuing policy support have set the stage for strong recoveries in many G20 advanced and some emerging market economies," the fund said.
"However, in many others, access to vaccines remains limited, unemployment remains significant among the most vulnerable groups, including women, youth and the low-skilled, and potential scarring to medium-term prospects is sizeable,” the fund said.
While elevated price pressures are expected to persist in some economies next year as higher food and oil prices continue to pass through to consumer prices, inflation in some countries is set to return to the pre-pandemic range as supply-demand mismatches are resolved, the fund said.
Public debt increased sharply, from already high levels for some, and is projected to remain elevated. As of mid-2021, revenue and spending measures in G20 economies, in response to Covid-19, amounted to about $9.5 trillion, the fund said.
An additional $5.5tn was provided in the form of equity injections and loans and guarantees. However, the measures have caused sovereign debt ratios to hit record highs, averaging about 110 per cent of gross domestic product across the G20.
The IMF recommended that G20 economies share vaccine doses to end the pandemic and address large disparities in fiscal firepower.
Further action is needed to vaccinate 40 per cent of the population in every country by the end of the year and at least 70 per cent by mid-2022, the fund said.
However, about 75 countries, mostly in Africa, are not on track to meet the 2021 target, Ms Georgieva said.
Vaccine surpluses need to be shared urgently and an additional $20 billion of upfront, grant-based financing is needed for treatment, testing and the procurement and distribution of vaccines in developing countries, the lender said.
Ms Georgieva stressed that if Covid-19 were to have a prolonged impact, it could reduce global GDP by a cumulative $5.3tn over the next five years.
The Washington-based fund also urged the G20 to further support developing countries through grants and concessional financing.
Improved measures to enforce the G20 common framework for debt treatment would ensure it is available when needed, the fund said.
The IMF also sought the G20’s support in channelling its Special Drawing Rights from the strongest economies to those more vulnerable to strengthen liquidity.
It urged G20 economies to commit to a comprehensive package to reach net zero carbon emissions by mid-century.
“Increasing energy efficiency and transitioning to renewables could be a net job creator because renewable technologies tend to be more labour-intensive than fossil fuels,” the IMF said.
“A comprehensive investment plan with a combination of green supply policies could lift global GDP by about 2 per cent this decade and create 30 million new jobs.”
UAE currency: the story behind the money in your pockets
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
THE SPECS
Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
BACK%20TO%20ALEXANDRIA
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Killing of Qassem Suleimani
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
Race results:
1. Thani Al Qemzi (UAE) Team Abu Dhabi: 46.44 min
2. Peter Morin (FRA) CTIC F1 Shenzhen China Team: 0.91sec
3. Sami Selio (FIN) Mad-Croc Baba Racing Team: 31.43sec
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Killing of Qassem Suleimani
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
More from Neighbourhood Watch:
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
Killing of Qassem Suleimani
'Skin'
Dir: Guy Nattiv
Starring: Jamie Bell, Danielle McDonald, Bill Camp, Vera Farmiga
Rating: 3.5/5 stars
UAE currency: the story behind the money in your pockets
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Killing of Qassem Suleimani
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
UAE currency: the story behind the money in your pockets
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
Killing of Qassem Suleimani
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
'Cheb%20Khaled'
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ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
