Video: how the IMF brings ‘a wallet, a brain and a heart’
Sunday 15/September/2019 15:18 PM
By: Times News Service
Washington DC: Christine Lagarde, who recently left her position head of the International Monetary Fund, said the organisation brought a wallet, a brain, and her heart to those who needed it most.
Lagarde, who served as the Managing Director of the IMF, shared her views on what the fund attempted to stand for.
“I am often asked the question; what does the IMF really do? I like to say that the IMF brings a wallet, a brain and a heart,” she said. “Now, what do I mean by that? The wallet is when we bring financial resources to a country in crisis. “IMF loans are like shock absorbers for the economy giving countries breathing room for urgent needs and allowing gradual recovery.”
“During the Global Financial Crisis, the IMF provided access to $500 billion to 90 countries. I believe we helped the world avoid a second great depression,” added Lagarde. “As for the brain, we help countries identify risks and give advice on policies to strengthen their economies. But, we go beyond advice. We offer technical assistance and training to help countries implement these policies.”
Lagarde was MD of the IMF for eight years, and is in the running to become the next president of the European Central Bank. She was voted in by secret ballot, where 37 votes were in her favour, 11 were against and four abstained from voting.
“Think about how to create more jobs and keep prices down,” explained Lagarde. “How to reduce inequalities and fight corruption or how to manage the disruption caused by technology. But what about the heart?
“We often get called when countries face major economic challenges,” she said. “The choices they make to overcome these challenges are often difficult and sometimes painful. Our concern are always for the people. That is why we emphasize fairness and protection of the most vulnerable people in the society. This is the work of the IMF.
“During the past eight years, we strengthened the fund’s commitment to serve its member countries,” explained Lagarde. “It is an experience that I will treasure forever. Our concern are always for the people. That is why we emphasize fairness and protection of the most vulnerable people in the society.”