when rights are allocated by the imf they go to countries in proportion to the quotas of the imf.o they are broadly distributed with the large share and up going to the middle income countries. but the substantial share will go significant resources to the poorest countries most in need. and importantly many advanced countries have indicated a desire and a willingness to channel portions of their own allocations back to provide further support to the low income countries. for example, the imf has a growth fund that many countries are likely to land or donate portions through the fdr allocation and that would multiply the impact of the fdr allocation on the poorest countries in the world. you mentioned accountability you want to make sure the fdr allocation goes to support relief and economic support in the lowest income countries and we are working with other countries within the imf to sign that disclosure and reporting framework to enable us to see to see how it has been allocated and used the way it is supported the way we have supported them. >> wonderful the next question com

leading the discussion today is the deputy secretary of the imf. she has worked closely with society organizations to make the group more open to experiences. please join me in extending a warm welcome toaurelia and sabina as well. ♪ thank you >>, we are delighted you could join us for the spring meeting of the imf and the world bank. we are witnessing the largest local rollout of vaccines in history. we have never seen anything like this before. covax is such an important part of this mission. tell us about your work and how you are delivering vaccines worldwide. >> to understand covax, you need to step back and think where we were a year ago when we started the pandemic. we had no therapeutics, no vaccine. we had a very large market failure. there were no financial incentives to develop vaccines to give protection for the pandemic. that is true for covid and has been true for many of the past pandemics we have had. what we have seen is an incredible value of the scientific and vaccine committed people step we have 18 approved vaccines today and 7

billions of imf reserves in hard dollars, euros, yen to those countries. i think it is a bad idea, bad economic policy, and it is not targeted to the pandemic. host: where to those imf reserves come from? where does the money come from? guest: the imf issues the special drawing rights and allows countries to have access to the money for borrowing for collateral purposes. it is based on the capitalization of the imf, that the developed countries of the world have contributed, and the 100 90-member contributions. it is self -- 190-member contributions. it is self-funded but taxpayer money supports the american contribution to the imf. host: let's get to calls, to joann on our democrats line in maryland. good morning. caller: congressman, first, i have to say you have not had a nice thing to say about joe biden at all. that's amazing. i want to correct something you said and ask you question. first of all, the children -- unaccompanied children are the ones being allowed in the country. adults are not. children with adults are not. i want to ask you a questio

we have seen the imf improve their gdp outlook.he bank of england is going to be very significant. i would expect the 2% to be reached pretty soon actually. the question is, where do we go from there? as long as the economy is recovering and companies are in good shape and cash flows are good, you should stand to do well in this environment. manus: yep. i have yet to see stability and a bond trader come together on the trading floor. thank you very much. stay with us. suzanne hutchins. maybe there are a few more symbols like that. laura wright has a first word news. laura: good morning. president joe biden says all americans over the age of 18 will be eligible for a coronavirus vaccine by april 19. two weeks earlier than the previous goal. he warns that while there has been progress against the pandemic, new variants are spread quickly. the white house has ruled out vaccine passports, fighting concerns over privacy. iran says talk to restore is 2050 nuclear deal with world powers was constructive but it still is demanding that the

the imf once again upgrading its forecasts. we are going to speak next to the imf chief economist, gita gopinath. that is coming up shortly. this is bloomberg. ♪ ♪ guy: from london, i'm guy johnson. alix steel is over in new york. this is "bloomberg markets." the imf once again upgraded its global growth forecast, the second time in two months. raising it to 6.0% from 5.5%, it is also warning about widening inequality between advanced and less developed economies. just in terms of the numbers, i think they are quite startling. in terms of the euro zone, -6.6% this year. break that apart and there is real divergence within europe in terms of the numbers. then we get a european bounce back fades in 2022. the real story here is again the united states, the growth we are seeing. that is where the big upgrade has come through. they are obviously working on ways to figure out how we can help the emerging economies. it has been making front pages for the last few days. let's talk about the forecasts and what the imf sees in terms of t

critical for what we do at the imf in supporting growth employment. what we have embraced as a late comer to this, is zero in on our comparative strength. what we are uniquely conditioned to help the world accelerate the trends. and it is microeconomic data and research, fiscal and monetary policies, crisis prevention, crisis response. so what we're doing at the imf, working very closely with the world bank and other organizations are four areas of stepping up our work. so it is at the heart of what we do. first, policy advice. reengage with all countries as to consultations and when we do so, we look at the criticality of mitigation and adaptation policies. literally, we do more on mitigation in countries that are high emitters. we do more on countries that are more vulnerable. for example, countries like china, u.k., they will look primarily at carbon intensity, what can be done with good policies when we go to caribbean we focus on adaptational or subsaharan africa. we're zeroing on risks. and we have a big role, looking at-- supervisory. we have t

in the imf. they are broadly distributed and the large share and some going to advanced and developed in middle income countries. but a substantial share will go to the poorest countries that are most in need. importantly many advanced countries have indicated a desire and willingness to channel portions of their own allocations back to provide further support to these low income countries. for example, the imf has a poverty reduction and growth fund that many countries are likely to either lend or donate portions of their own sdr allocations and that will really multiply the impact of an adr allocation -- sdr allocation. you mentioned accountability. we want to make sure the sdr allocation goes to support relief and economic support in the lowest income countries. we are working with other countries and the imf to design a disclosure and reporting framework that would enable us to see how the sdr's have been used and monitor the ways in which they have been supported. >> wonderful. next question

billions of imf reserves in hard currency, in dollars, euros, yen to those countries.hink it is a bad idea, bad economic policy, and it is not targeted to the pandemic. >> where to those imf reserves come from? where does the money come from? >> the imf issues the special drawing rights and allows those countries to have access to the money for borrowing and collateral purposes. it is based on the capitalization of the imf, that the developed countries of the world have contributed, and the 190 member contributions. it is self-funded but taxpayer money supports the american contribution to the imf. >> let's get to calls, to joanna on our democrats line in maryland. good morning. >> caller: congressman, first, i have to say you have not had a nice thing to say about joe biden at all. that's amazing. but i want to correct something you said and ask you a question. first of all, the children -- unaccompanied children are the ones that are being allowed in the country. adults are not. and children with adults are not. but i want to ask you a question now. are you suggestin

the imf has 'ust issued its latest i what we hoped. 'ust issued its latest up i what we hoped. the imf has 'ust issued its latest up some i what we hoped. the imf has 'ust issued its latest up some ofh issued its latest up some of where the global economy is and they have upgraded their global growth forecast from i think around 5.5% to 6%, a pretty extraordinary figure and suggest there is a resilience in the global economy that perhaps we had not expected? yes and no. it depends on where you are _ yes and no. it depends on where you are in — yes and no. it depends on where you are in the world. the advanced _ you are in the world. the advanced economies, china, have done _ advanced economies, china, have done better but if you go to large — done better but if you go to large parts of the world we are seeing — large parts of the world we are seeing a — large parts of the world we are seeing a decade of poverty ending _ seeing a decade of poverty ending wiped out and most countries will not get back to where — countries will not get ba

imf.hey are broadly distributed , and a large share end up going to do -- to advanced, developed and middle income countries. -- countries that are most in need. importantly, many advanced countries have indicated a desire and willingness to channel portions of their own allocations back to provide further -- examples, the imf has a poverty reduction and growth fund that many countries are likely to either lend or donate portions of their own allocations. that will multiply the impact of an scr allocation on the poorest countries of the world. you mentioned accountability, we want to make sure that the allocation goes to support relief and economic support in the lowest income countries. we are working with other countries and the imf to design it disclosure and reporting framework that would enable us to see how the scr's that have been allocated have been used and to monitor the ways in which they have supported the purposes that we have in mind. ivo: the next question comes from the pre

stomach it is a pleasure to be with imf director and with u.s. treasury secretary janet yellen to discuss the economic recovery and the kickoff of our spring meetings. the world of phases major challenges including covid climate change rising poverty and inequality and growing fragility and violence in many countries. the inequality is most apparent in the direct effects of covid that hits informant workers and the vulnerable the most by the inequality extends will be on that to vaccinations. the concentration and wealth, the unequal impact of the fiscal stimulus and outside purchases and the end balance in debt creditor relationships perfectly for people need poorest countries the world bank group is leading forward as much as possible to face these challenges in response to covid-19 b took broad fast action and quickly achieved over 100 active operations of support for developing countries. commitments rose 65% in 2020 from 2019. on vaccines working closely with w.h.o. and unicef we have conducted over 100 capacity many even before vaccines wer

with all my respect to imf, we are not doing it for imf.r own country because we are going to live here, not imf officials. dmytro kuleba, you end with a very fair and simple point. we have to leave it there, but i thank you very much indeed forjoining me on hardtalk from kyiv. thank you. hello. april 2021 is now officially the frostiest april on record. that is since records began in 1960 and it is based on the number of frosty nights we've seen. every night so far this april, temperatures have fallen below freezing and we've had an air frost. it may well be the case though that as we make our way into the early hours of wednesday, we escape and there's a lot of cloud sitting across the uk at the moment thanks to an area of low pressure sinking its way south. quite a strong wind across scotland and where skies clear, the chance of frost will be pretty limited. here's the centre of that low as we get wednesday underway to the south of the uk. to the north, the skies are clearer but there will be some chilly air around, those isobars are clo

of assistance from the imf.measures, yourjudicial reform measures, and suggesting that your government needs to do more. so, are you ready to deliver? as a citizen of this country, i can fully agree that we need to do more. as ministerfor foreign affairs, i will be happy to do more. but i want to make one point clear. with all my respect to imf, we are not doing it for imf. we are doing it for the people of ukraine. we are doing it for our own country because we are going to live here, not imf officials. dmytro kuleba, you end with a very fair and simple point. we have to leave it there, but i thank you very much indeed forjoining me on hardtalk from kyiv. thank you. hello. april 2021 is now officially the frostiest april on record. that is since records began in 1960 and it is based on the number of frosty nights we've seen. every night so far this april, temperatures have fallen below freezing and we've had an air frost. it may well be the case though that as we make our way into the early hours of wednesday,

a big thing bloomberg has looked at is this diversions the imf talked about -- divergence the imf talked about. looking at yields rising and may be central bank tightening indicated in advanced economies, people are concerned about what it means for emerging economies and markets. >> i think we have to take a step back and recognize we are in a much better position and the global economy -- it's in a better place than at the height of the pandemic this time last year. while there is some divergence of performance, we are still seeing on the whole, the global economy getting back on track and that includes economies across the globe. we will see stronger demand and investment spending up again and that will be good news for all economies. we are particularly seeing this in the asia-pacific where the vaccine rollout is troublesome and inflation is high. other economies like australia are getting back much quicker. kathleen: for the emerging markets and certainly the countries you talked about, we saw pmi's across the asian region continuing to move higher. to a certain extent we can say u.

that is why there is so much focus on the imf proposal.ssue, more than half $1 trillion of special drawing rights. they say number one, boost global liquidity. that is important to keep financial markets greased. also, help poorer nations with their rising debt levels that they have incurred to end -- to fight the pandemic. also the virus itself, all the health care costs they have to finance. this is another important aspect that ties it together. the richer nations are doing well. the poorer nations lagging behind. there is a lot that needs to be done. shery: lots of concern over debt. our policy editor, kathleen hays. the imf chief economist spoke about a possibility of a systemic debt crisis. she is not seeing that. but she says any covert vaccine resistance would be a nightmare. she spoke to bloomberg about the global recovery, including imf's $650 billion plan for currency aid. >> $650 billion would be very good. we have not had a new allocation. it did not happen last year. it is needed. it will be a strong signal of global confiden

of assistance from the imf.n measures, yourjudicial reform measures, and suggesting that your government needs to do more. so, are you ready to deliver? as a citizen of this country, i can fully agree that we need to do more. as ministerfor foreign affairs, i will be happy to do more. but i want to make one point clear. with all my respect to imf, we are not doing it for imf. we are doing it for the people of ukraine. we are doing it for our own country because we are going to live here, not imf officials. dmytro kuleba, you end with a very fair and simple point. we have to leave it there, but i thank you very much indeed forjoining me on hardtalk from kyiv. thank you. hello again. this month has been a really dry month, particularly across parts of england and wales, where we've just recorded five millimetres of rainfall so far. and that's left the ground completely dried out, desiccated and cracked in places. but there are changes on the way. on monday, we started to see low pressure move in across scotland, a

but the imf's warning prospects are to verging dangerously, with the u.s.nd china leading recovery while other markets lag. what is the main message we are likely to hear from the imf meeting this week? ros: what we are going to hear from the imf is a big or dangerous growth diversions from the haves and have-nots. the u.s. we often talk about a k-shape to recover rate with some groups doing well others lagged, and that is being played out on the global scale. in the past because some countries like the u.s. are able to pump and budgetary stimulus while others cannot, and in other countries where covid infections are slowing, and vaccine this tuition is solved, economies can open more quickly. this comes as the u.s. have a plot buster month in job growth in march. china is also doing well. that is the message from the imf, the managing director last week words of the diversions, and said too many countries are found behind. we heard today from seth berkley of the covax initiative about vaccine nationalism, countries like india are cutting exports and the u.

with all my respect to imf, we are not doing it for imf.country because we are going to live here, not imf officials. dmytro kuleba, you end with a very fair and simple point. we have to leave it there, but i thank you very much indeed forjoining me on hardtalk from kyiv. thank you. hello again. this month has been a really dry month, particularly across parts of england and wales, where we've just recorded five millimetres of rainfall so far. and that's left the ground completely dried out, desiccated and cracked in places. but there are changes on the way. on monday, we started to see low pressure move in across scotland, and that brought some thicker cloud and finally some rain. and looking at the rainfall amounts that we're expecting through the rest of this week, we'll get around 5—10 millimetres of rain. in the grand scheme of things, that's not a huge amount, but it's easily doubling what we've seen for many so far this month. so the rain, i'm sure, is going to be pretty welcome for the farmers and growers, although you probably want

nadia: we will have the g20 imf and have meetings.st encouraging news that we have had is the u.s. is back at the table. secretary yellen has been outspoken with proposals. that gives us hope that by the summer we will be able to reach a global agreement on the tax issues which we have been working on for years. this includes the digital tax and a minimum taxation level. we have to stop the race to the bottom. that is weakening the fiscal ability of countries throughout the world. i think the u.s. proposal is quite important in that regard. we have to look into the details. spain hopes to reach an agreement by this summer. matt: mark's job is to bring us back to the professional economic and markets conversation. i'm supposed to be the one who loves to go to the moto gp, and to valencia for the final race. i hope the season is fantastic, but this leads me to think about the u.s.-spain relationship. mark marques always wins. we have a new president in the u.s., joe biden. does your relationship improve? does the chances for a global mi

the g20 is set to back a boost to the imf emergency reserve. with look at where european markets are right now. equities are mixed out of your. the ftse is on the front foot but the stock 16 is down. the astrazeneca stock is down. >> nothing is really happening in the u.s.. we are seeing some softness in the recovery trades. we also hit record highs so nothing to write home about. the dollar is looking for a little direction, but nothing big and movement. the 10 year yield, it feels like we are looking at a different range. president joe biden will be speaking later today about the tax increase part of his stimulus plan. guy: there's a lot to get through over the next 24 hours. let's get back to the astrazeneca story. the eu and u.k. regulators are agreeing that the benefits of the shot outweigh the risks. they do divert on age group limits. >> the benefits of the astrazeneca vaccine in preventing covid-19 overall outweigh the risks of side effects. the reported cases of unusual blood clotting following vaccination should be listed as possible

the imf and world bank are worried about their growth rates.italy having a problem with virus. let's look quickly at what she said. the outlook is improved overall but this is where she got that dangerously diverging prospect. vaccines unavailable, too many people face job losses and poverty, too many countries falling behind. haslinda: kathleen, what does it mean for the post pandemic global economy? it seems lopsided. >> first of all by 2024 world output will still be 3% lower than it was before the pandemic started, and so what is expected this you -- week from the international auditory find and the world bank is to defile -- to tell developed nations and may be china as well, do not start pulling back stimulus. we saw asia pmi's rising this week. you estimate as strengthened, buying more for the rest of the world, or from china. china then buys more from its neighbors. this is something that has to feed on itself, and global growth cannot pick up until everyone is inoculated, until everyone can get the vaccine to the population, and that i

haidi: the imf managing director there.ing up, jp morgan ceo jamie dimon sees rebounds to the u.s. economy that could last until 2023. . we get more on the takeaways from his annual letter to shareholders next. this is bloomberg. ♪ shareholders next. this is bloomberg. ♪ shery: jp morgan ceo jamie dimon says he is out the mistake -- he is optimistic that the pandemic will end with a rebound that could last two years. in his letter to shareholders, he says the boom could easily run into 2023. for more on the takeaways, we have finance reporter hannah 11. this was a long letter. 60 plus pages or so. let's start with his outlook on the economy. what did he say? hannah: thank you for having me. it was 66 pages. his longest ever. which is big for the long year 2020 was. he gave a very bullish view on the recovering from the pandemic. he cited stimulus and savings that consumers have an quantitative easing and infrastructure bill. and also just vaccine euphoria around land of thought and -- the pandemic. i could lead to a boom th

so we will work with the imf on that. as we go to middle income countries, many of them will have market-based finance. i think i'm going to fall back on transparency being very important. and we need to look for a more balanced relationship between creditors and debtors. the systems for creditors now is in terms of port to enforce, even got and contracts that are -- court enforcement of liens with contracts that are not disclosed appear to be enforceable and i want to face the challenges of middle income countries with the latter lysed -- collateralized debt. it's hard to restructure with equity-based challenges in 2020. there was some historical contract, but not the current contract and collateralization. these are ongoing challenges for middle income countries that i think could be improved. and also the type of contracts that have collective action clauses that could be made more balanced in terms of the relationship with the middle income emerging markets. >> another question related to debt, specifically in latin a

joining us from the imf is alfred kammer, imf european department director.nk you for joining me today. alfred: thank you. alix: walk me through a kind of vaccine rate and variant baseline that your growth indicators take into account. alfred: yes. i think, first print to make it is our protections, the response of policymakers has been completely determined by the pandemic. so i strongly -- so a strong rebound in the third quarter last year, just to be disappointed again by a second wave of the virus in the fall and winter, and now a third wave of the virus in the beginning of this year. during this time, our protections have evolved, and the policy response has evolved. but we are projecting right now if we expect the vaccination rates to be met, which the european commission and european countries have been setting out before. they are confident this is possible, and that reflects our projection, what we are seeing in the first quarter -- projection. what we are seeing in the first quarter is going to be weaker. because of containment measures and lockdown

as the imf is? >> most certainly. hate to say how long ago , more than 20 years ago, i wrote a piece with wheeler nardo lehrman and my mentor from columbia university precisely on the issue of the very central importance of u.s. rates, and how they drive capital flows. the most recent report shows capital flows have weekend again, -- weakened again and arthur weakest point since the major shakeout that we saw -- again and are at their weakest point since the major shakeout we saw last spring. kathleen: you weren't emerging markets may have to deal with the need to raise rates to shore up their currencies, to prevent capital flows, and limit the upside on inflation. but, you point outlook, these countries have already been hit so hard by the pandemic all right? so the last thing they need is higher rates. what would this do to countries like the philippines, like indonesia? >> so, look, higher rates are a very tough choice. but don't forget also that countries have thought long and hard, emerging markets have also thou

next, imf managing director will be directing us. we are also speaking with the irish finance minister, eurogroup president as well. alix: coming up, u.s. growth expectations are picking appeared treasury yields, not so much. alix: let's check in on first world news. president biden ramping up pressure on republicans to support his infrastructure plan. appealing directly to gop voters whilst lawmakers are in their home districts. at the white house, the president will make his second major pitch for the plan. he is facing opposition from conservatives and business groups who are against the tax hikes. cryptocurrency billionaire has found a way to hedge his bets on digital coins. the ceo of galaxy digital spoke with bloomberg. >> interest rates, right? the one story that could hurt is asset price inflation. growth happens so fast, everyone gets jabbed. we get an explosion of growth, one million jobs, then jackson hole flinches. part of the yield curve is a great hedge for any portfolio, crypto or non-crypto. ritika: global news, 24 ho

we will be hearing more from the imf in the next hour.ll be discussing the outlook for japan's economy. take a look at how markets are setting up your in asia. >> stocks are looking at a steady session ahead. this is also keeping an eye on vaccine. they are gaining some ground. this should be a faster pace of rising rates. the kiwi dollar is trading around the april highs this morning. switching to check on bond markets early in the asian session. we are seeing bond rise. the 10 year yield trading around 175 or 176. treasury futures, a little change. this is still a big break for investors. now seen at 2.1%. that is up from the 2% that we saw. >> let's turn to vonnie quinn with the first word headlines. >> the u.s. has recommended a pause on johnson & johnson's covid vaccine after six cases of blood clotting. one person died and another in critical condition. sisi official says the pause could last a matter of days - a cdc official says the pause could last a matter of days. australia has paused johnson & johnson's vaccine over the blood

rishaad: the imf chief economist speaking with alix steel. a covid vaccine startup is going public in a $5 billion spac deal. the british firm will combine with see a health care cooperation, and no equity placement, securing $300 million in a loan and an additional $100 billion involving credit lines. julette: let's get more on the imf growth outlook and implications on the credit market, bringing a hit for asset class strategy. jp private bank, great to have you with us. your thoughts on the forecast hear from the imf and what she was warning about, about the divergence in rebound as we see some countries not rolling out vaccines as fast as the likes of the u.s. >> yes, good morning, thank you for having me. i think it is definitely important that we are getting the endorsement from the imf. definitely, i think the vaccine is one driver behind a very rapid position up in growth outlook. as to the applications to the credit market or fixed income market in general, we do feel that this will further drive up the u.s. treasury yields as we hav

to see it codified by the imf is important.ckee noting substantial growth in the united states. china out to an 8% statistic as well. others lagging behind. michael mckee mentioned germany as a laggard. all that folding in to the pandemic and the virus as we have noted. it is a week that is churning after jobs we. right now is -10 on futures. better futures than what we saw three hours ago. positive nasdaq futures, right negative there as well. dollar dynamics have been so -- you saw a weaker dollar over last three days. you saw that in yen. right now hundred 993 as well. turkish -- right now 109.93. the turkish lira. real challenges for mr. erdogan. damian sassower on bloomberg especially cautious on turkey. stay with us through the day. jason furman will join david westin on "balance of power." an update on the fiscal reality of infrastructure. stay with us on bloomberg radio come on bloomberg television. good morning. ♪ lisa: from new york city for our viewers worldwide, i am lisa abramowicz in for jonathan ferro. the countd

partners have proposed a new allocation of imf special rights effectively be allocated and then used in part to invest in a massive new effort to immunize everyone everywhere. such proposals could generate 40 or $50 billion over the next two years to help accelerate the achievement of herd immunity by the end of next year. second we need to turn additional public resources into vaccines available and accessible everywhere. that requires a different way of thinking how we manufacture and distribute these vaccines. the reality is production has been enforced by the wealthiest nations. that is not unexpected but now we need to change that he makes her it's much more accessible to others. welcome the conversation on intellectual property. we know that alone isn't just what goes into their arms. we need support were production facilities. advance purchase commitments everywhere around the planet to make sure vaccines are available and ultimately a big investment from public health agencies to ensure adequate distribution so you can actually get the coverage you need a low income communiti

we are working with imf management and other members towards a $650 billion general allocation to imf member countries as part of a package of broader international efforts to support the global recovery. it includes robust support for the imf multilateral development banks, debt relief in some cases. all alongside countries taking necessary reforms. we are working closely with the imf and other countries, given that we are all working through the pandemic. >> right now it is limited to just poor countries. press sec. psaki: i would point you to the treasury department for more specifics. go ahead. >> one thing quickly. is there any update on when you are the president will release his latest medical records or any update on his plants to visit his -- his plans to visit his medical provider? press sec. psaki: i do not have any update. >> anything more precise then soon daca -- soon? press sec. psaki: i will have to check with the team. >> and the mlb question. given as you say the president supports the ability to make this decision, does he also support other organizations or busines

. >> i'm happy to say we're joined now by the imf korea mission chief.m somebody who knows firsthand what is going on here. starting off with the fact that korea did so well. the vaccine rollout has stumbled. i enough stumbled -- upgraded the gdp forecast. this is possible. is it possible the virus doesn't get under control quickly? >> certainly, the vaccine rollout is a component, not flitting 70% of the population for the third quarter. that could affect the case count. it deafly could see sluggish demand. on the other hand, i would say the authorities do have space to respond. other factors balance the risk. >> will it take to see that? >> on the monetary policy side, the space more limited. there could be some blight on the fiscal side, they have announced an approved the supplementary budget, the recovery will continue to see this unbalanced recovery, growing expert strong and domestic demand running behind. that could be a case to do more the fiscal side as well. >> imf has urged just about all nations not to raise weights -- raise rates for the pa

i think the imf needed the additional firepower.08, 2009, we had the super mega programs with greece, with ireland, portugal, iceland, those were record shattering programs. the imf got an injection of sdr's at the time. it is much more universally needed now. i think that again, the allocation will in the end be favoring also those countries that needed the most. it is still not a substitute for debt write-offs. i think creditors, private creditors, official creditors whether it is china, the u.k., france, saudi arabia who will have to come to terms along with the bondholders and all the commercial lenders that debt restructuring, serious debt restructuring will be needed for these countries to be able to restore some element of the setbacks that have already been severed. poverty rates have spiked for the first time in more than 20 years. shery: the world bank chief economist speaking to kathleen hays. what ousted out to you? kathleen: it is interesting. it is not new for carmen reinhart, chief economist at the world bank, the aut

importantly, the imf is accounting for much of this improvement.ere's what they said in the world economic report. at one .9 trillion, the biden administration's new package is expected to deliver a strong boost of growth in the u.s.. it provides sizable spillovers, this too is important. all of this money being spent helping the entire world pick up. listen to some of the individual country forecast, this will drive the point of what the u.s. is playing. now, the u.s. is seen at 6.4% this year. the original forecast, 3.1 percent. more than double, that is how important it is. china has moved up a bit, 8.4, not as big of a change. japan, a small move up. india, 11 and a half percent. they'll help. with the euro area, they see 4.4% from 4.2%. emerging market, six .7%. a lot of uncertainty, emerging markets are suffering more. they're not seeing emerging markets in developing nations returned to pre-pandemic levels since about 2023. -- until about 2023. shery: which is why it is so important this discussion going on. >> absolutely. we talked to a chi

if you look at the data, the imf — the pandemic? look at the data, the imf data, last year - the pandemic? if you look at the . data, the imf data, last year turkey has given just 1% of its gdp to financial support for covid—19. and tourism is very important for turkish economy. that is one of the reasons why they want to deal with the cases because they want to open summer for the foreign tourists who will come from the uk are rational. so turkish economy, according to the gdp, has been doing well in the covid—19 either, but unemployment is very high right now. covid-19 either, but unemployment is very high right now.— very high right now. thank you very much indeed- _ very high right now. thank you very much indeed. thank— very high right now. thank you very much indeed. thank you _ very high right now. thank you very much indeed. thank you for - very high right now. thank you very much indeed. thank you for our - much indeed. thank you for our colleagues in a bbc turkish for carrying that sorry and more broadly. we are indebted e

the former chief economist of the imf is also concerned we are overdoing it. would say that parted this question is -- part of this question is there are risks on all sides. which of them do you think our biggest? i was -- i spent months, years shouting into the wind. my sense was they missed it not just economically but they missed a political window by going to small at the beginning. half of it ended up being politically worse. there was a terrible -- we paid a price for many years. we are still paying a price for the underpowered fiscal policy. i am in the go big school. this is an administration doing things the way i would have wanted obama to do it. i am pretty vehement on that. this is the chance. what is likely a transitory democratic razor thin control of congress. this is the chance to get a lot of stuff done. you have to take risks to do that. romaine: we have seen bite them trying to go big here. i am curious about trade policy here. something he is now starting to address. an issue that has been lingering through several administrations. is it as

the head of the imf warns that vaccine inequality could cost the world economy trillions world will be $9 trillion richer between now and 2025 if we vaccinate everybody, everywhere, very fast. taxing questions. should the world agree on a minimum companies should pay? and if so, how much? you're hired. the uk sees the biggest rise in permanentjobs in six years. plus, next stop, normality? britain's public transport system gears up with 1,000 more trains from monday. but will people want to take them? the head of the international monetary fund has warned that trillions of dollars in economic growth are at stake, if people around the world do not have equal access to covid—19 vaccines. imf managing director, kristalina georgieva, has been speaking to the bbc�*s katty kay, as the fund and the world bank hold their spring meetings in washington. she said it's in the interest of richer countries to make sure vaccines are shared out fairly, if the world economy is to recover as strongly as it can. this recovery is very uneven. it is a multi speed recovery, and a big driver of accelerating t

caroline: the international monetary fund and world rank meetings are being held this week and wiley imfraded its forecast, concerns about the widening inequality of the global vaccine rollout. quick the road ahead looks very different where you are -- the road ahead looks very different where your. >> vaccine policy is economic policy and only vaccinating everybody everywhere would get us out of the risk of this mutation. caroline: growing vaccine nationalism is hitting the world's most disadvantaged nations the hardest. the head of the world health organization is calling it a growing chasm. many of the poorest nations continue to wait for millions of doses. >> no longer can we expect poor countries to stand in a queue waiting to get vaccines. the fact that who digi said 17 million vaccine doses today have been administered by 10 countries today. the inequity of vaccine distribution is glaring. caroline: covax is a program in which vaccines are supposed to be distributed to middle and low income countries, many of which have no way of affording them on their own. poorer countries are b

one, the imf's role is not to lead the world forecasters.e to provide partnerships to validate the forecast. the other story, this really is about the u.s. forecast tremendously. if you look at the chart on the screen, you can see that six months ago, before the election, it was europe expecting growth to 5.5% for 2021. how much has changed in six months? now, the u.s. is at 5.6%. it continues to be upgraded for weeks. european growth, 4.2% and teach -- and continues to go lower as we continue to get more lockdowns. this divergence we are seeing, it is not just a divergence and growth. a massive shift in direction from the expectation of just six months ago. matt: i think that diversions is so fascinating as manus and ann marie would say. that bifurcation. especially because it is in a short time period, the effects and what they would be. will we just about back to an equilibrium, or will it drag out into the future? another big story we are watching right now is samsung, south korea's biggest company, the behemoth there, has seen profit fo

the imf -- to 7.5% this year. the imf recently adjusted their number 26.9%.ecause of the lockdown, that is approximately half the economy, our secretary is projecting that would be 0.8% from our forecast. we will be looking at 6% to 7% growth, where the imf projection will kick in, and of course, wet this month, the economic managers will meet this month, so the economy can grow 6% to 7% this year. kathleen: even with these lockdowns, it sounds optimistic. do you think there is a need for more fiscal stimulus? benjamin: there is a need. i think, for example, we need to take care of the poor and formable affected by the lot -- vulnerable affected by the lockdowns. i think you would agree with me, lockdowns are difficult for democracies. look at the u.s., germany, u.k., right? they are disciplined and follow the lockdown, so we are looking at the metric, and i think they did well in that metric. kathleen: if you don't think you will raise rates, what about other monetary policy tools to support the recovery? benjamin: as i said, the current monetary policy we h

the imf says richer countries should do more to help poor nations access covid jabs.eam of scientists say there may be a new force of nature and the old. -- nature in the world. ♪ welcome to world news america on pbs and around the globe. brazil has seen its worst day since the start of the covid pandemic. more than 4000 people died in a 24 hour period. to date, the virus has killed more than 330,000 brazilians. hospitals are being overrun and would-be patients are dying before they can get treatment. burials are taking place throughout the night and some of the country's cemeteries. our reporter has more. reporter: even at night, the graveyards ibrazil are busy. so huge are the losses from covid. although the rate of deaths given the size of the population is not quite as bad as in the u.k. or italy, things are getting worse. and medical staff are desperate that even now, the message is still not getting through. >> it is quite hard to understand the need for social distancing when you have a president that says that social distancing is bad. reporter: president bols

tom: the imf goes out to years.eally thought it was something yesterday and the conversation, less now, but more in the conversation at the end of 20 22. james dimon goes further and i believe in his letter goes out with more optimism to 2023. lisa: basically saying because the spending on the fiscal side could go through 2023 so could the economic boom. a lot of people are seeing with fed rate hikes expected priced into the market, three of them before 2024, after lift off. tom: the earnings are going to be bang up based on what we've seen on the first first reports looking back on a certain quarter as well. we will drive forward this conversation. citigroup private bank and we will talk about the asset allocation within these markets. red and green on the screen on radio and television. ♪ tom: bloomberg "surveillance." mr. ferro is off for a good part of this week. markets away from equities, real yield negative zero point 66. nominal yield 1.66%. down from the higher yields from a number of days ago. the dollar w

at 12:00, we have jay powell speaking at the imf conference. really interesting to see what he signals in terms of the threshold to taper. in terms of how they will signal that to a market without unraveling the stability that we currently see. jonathan: do you see anything changing. lisa: make things boring does not work when the market is trying to make things more interesting. if they do not push back, that is a policy stance in itself. jonathan: point taken. i'm sure the federal reserve chairman would like to be called boring at this point. tom: no question about that. his goal is to get through this without any uproar. we will have to see. we will monitor that very closely today in the 12:00 hour. right now, gabriella santos of jp morgan -- i've said before, she speaks 14 languages. is mandarin one of them? gabriela: i'm working on that one. so far, i'm focused on romance languages. tom: get to work, you are slacking. mr. diamond did address china. can you -- you address it forcefully in your notes that people are saying, what is the strat

the discussion is 50 minutes and begins with remarks by the imf managing director. >> it is great to be bringing some good news. we have upgraded the growth projections for the world to 6%, and it is on the basis of three things. one, vaccinations advancing, two, major economies putting in more stimulus, and the united states recently did that, and three, lockdowns do not cause the same decrease in economic activity, but there are two things to watch. one, the virus is mutating and still roaming around the world. therefore, we have to concentrate on vaccinations everywhere for everyone, a fair shot. two, we see dangerous divergence with a small group of economies moving to pre-covid levels and the rest of the world being behind. low income countries, vulnerable countries, tourism dependent, small islands -- they are all diverging, and that has been a big focus of our meetings. what can we do? my main point here is i am extremely grateful to the membership of the imf for committing to provide a big boost to reserves globally. $668 billion special drawing rights allocation. it will hel