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IMF chief urges world countries to lower trade barriers to fight rising prices

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The international community must reduce trade barriers to fight inflation. Such a recommendation is contained in a joint article published Monday by International Monetary Fund (IMF) Managing Director Kristalina Georgieva, her First Deputy Gita Gopinat and IMF Director of Strategy, Policy and Analysis Ceyla Pazarbasioglu. They called for “restoring confidence in a global rules-based system.”

“We can start now by lowering trade barriers to overcome shortages and reduce the prices of food and other goods. Not only countries but also companies need to diversify imports to secure supply chains and maintain the huge benefits of global business integration. “, – note the authors of the article.

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Tensions over trade, technology standards and security, they say, “have risen for many years, undermining growth and confidence in today’s global economic system.” According to the IMF, “only the uncertainty of trade policy has led to a decrease of almost 1% of global GDP in 2019.” At the same time, since the beginning of the Russian invasion of Ukraine, “about 30 countries have restricted trade in food, energy and other key goods,” the article reads.

The IMF also called for helping poor countries by reducing debt, modernizing the international money transfer system by creating a global platform with low commissions and combating the crisis caused by climate change.

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