IMF Managing Director Kristalina Georgieva on BNT’s “Panorama”: Time for very careful spending

Bulgaria is better off than many other countries, International Monetary Fund Managing Director, Kristalina Georgieva, told BNT’s weekly current affairs programme “Panorama” on May 20. She commented that in the current situation, it is time for very careful spending, which should be directed to the poorest.

Increasingly, the shocks that individual countries are experiencing are not the result of misgovernance at home, but the result of external factors. She distinguished the country's dependence in two aspects – energy carriers, and that society can quickly divide in this geopolitical climate. Bulgaria should not allow this disunity, Georgieva said, adding

"Our crisis of the 1990s - we made it. And accordingly we corrected it with the help of the International Monetary Fund. With the right macroeconomic policy, problems are solved", Georgieva added.

The pandemic cannot be solved by correct macroeconomic policy alone. War is a similar shock, but there is much more geopolitical tension, which makes it more complicated to bring the world together.

It will hit hardest on countries that have not recovered from the effects of the pandemic and are large importers of energy and food and are close to Ukraine and Russia. We are energy dependent, the right policy is to free ourselves from this dependence, said Kristalina Georgieva.

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