Washington, United States, April 19. The global economy is experiencing a very soft landing, said Mohammed Al-Jadaan, Chairman of the International Monetary and Financial Committee (IMFC), during a briefing as part of the IMF’s Spring Meetings in Washington, Trends reported.
“In fact, what is happening now is much better than we expected. The global economy is more resilient. Inflation is falling in most countries and overall we are heading for a very soft landing,” he said.
Al-Jadaan noted that the World Bank and IMF have themselves faced several global turmoil over the past few years.
“The outlook is improving, which is very positive, but many challenges remain and we need to remain vigilant,” he added.
He noted that Member States’ agreement on the priorities set out was a major achievement.
“This is very important to ensure that we move forward with all of us working together to address the challenges that we face. On the precautionary balance, we are on track to reach our medium-term target of SDR 25 billion for the first time this month. This is a target that we set for ourselves about 15 years ago and it is really great that we have achieved it this month. Essentially, this provides a very good cushion to support member countries and deal with shocks,” he explained.
Finally, as Al-Jadaan stated, there was agreement on the IMF’s future direction and support for debt restructuring under the G20 Common Framework Agreement.
The Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group opened on April 15th.
Key ministerial meetings and events will take place from 17-19 April, with other events and activities taking place during the week of 15-20 April.
The centerpiece of the meeting will be a meeting of the Joint Development Committee and the IMF’s International Monetary and Financial Committee, which will discuss progress on the work of the World Bank Group and the IMF.
The Spring Meetings bring together central bank governors, finance and development ministers, parliamentarians, private sector executives, civil society representatives, and academics to discuss global issues of concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.
