WHY IN NEWS?
- According to International Monetary Fund (IMF), Emerging-market nations’ struggle to move out of covid-19 pandemic-induced economic crisis can hurt developed nations. It said, crisis has “Ricochet impact” on the developed and advanced economies.
- IMF suggests that, developed nations should be doing all to ensure better & equitable access to vaccines and equitable recovery. Poorer nations are facing the risk of increasing interest rates even though, their economies aren’t growing.
What is Ricochet Impact?
Ricochet means rebound, bounce, or skip off from surface, particularly in projectile cases.
About International Monetary Fund (IMF)
- Headquarters -Washington, D.C.
- Setup in 1944, started functioning at 1945.
- It has 190 countries as members.
- They work together to boost global monetary cooperation, secure financial stability, promote high employment, facilitate international trade, and sustainable economic growth. It also takes measures to reduce poverty across the world..
- IMF plays an important role in management of balance of payments issues and international financial crises.