Annual Meetings of the World Bank and the IMF

Guy Ryder: 'The pressing need is to stimulate economic recovery that is inclusive, sustainable and resilient'

Remarks by Mr Guy Ryder, ILO Director-General, to International Monetary and Financial Committee (IMFC).

Declaración | Washington D.C. | 14 de octubre de 2021
Thank you, Chair.

The economic impact of the pandemic has been four times greater than that of the financial crisis of 2008-9.

The pressing need before us now is to stimulate economic recovery that is inclusive, sustainable and resilient.

Yet currently, as the Managing Director has commented, the world is on a path of a “great divergence” which would mean the exact opposite.

A world of heightened inequality, poverty, instability and conflict.

The IMFC is uniquely placed to channel the financing and the political will to reset the recovery process accordingly.

UN Secretary-General, Antonio Guterres has launched a Global Accelerator for Jobs and Social Protection that is designed to do just this.

To channel national and international, public and private financial flows to social protection floors and to the creation of decent jobs, and to promote carbon neutrality as we head for COP 26.

The IMF’s allocation of $650 billion in Special Drawing Rights provides extraordinary opportunity to match needs with resources.

The Global Accelerator provides a mechanism, based on the Financing for Development Initiative, to do so.

The ILO is committed to work with all others in the international system to these shared ends.

Thank you.