“We will continue to prioritize health spending and protect the most vulnerable, while shifting focus, as appropriate, from responding to the crisis to promoting growth and preserving long-term fiscal sustainability,” they said.
At the annual meetings of the IMF and the World Bank that took place this week they were items on the agenda concerns about inflation, supply chain bottlenecks, higher energy and commodity prices, and weather events.
“Central banks are closely monitoring price dynamics and can watch through inflationary pressures that are transitory. They will act appropriately if the risks of anchoring inflation expectations materialize, “the IMFC said.
According to the draft, it had a more directive language where central banks were asked to be ready to take “decisive action to maintain price stability“However, the final text was more washed in terms of advice.
The IMFC also called for clear communications from the authorities to limit indirect negative effects between countries and to use macroprudential tools to limit financial vulnerabilities. The statement noted the growing divergences between rich and poor countries in economic recovery and access to vaccines, noting that recovery risks are tilting downward.
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