«النقد الدولي»: ندعو إلى مراقبة القطاع المالي غير المصرفي

The Managing Director of the International Monetary Fund, Kristalina Georgieva, urged member countries to maintain trade as a key driver of global growth, despite trade tensions and rising U.S. tariffs, emphasizing that the global economy is suffering from "excessive imbalances" that require more balanced policies between countries with financial surpluses and those with high deficits.
Georgieva said in a press conference today (Thursday) during the annual meetings of the IMF and World Bank in Washington: "Countries with excessive financial deficits like the United States need to reduce this deficit and increase private savings rates, while countries with large surpluses like China should rely more on domestic demand instead of depending on exports."
She added: "The IMF is working on refinancing the relief fund designated for the poorest countries, emphasizing that the priority in the upcoming phase is to maintain global financial stability and reduce levels of public debt."
Regarding global financial conditions, Georgieva stated that most countries have exhausted their financial margins, noting that global asset valuations have become "excessively high," reflecting increasing pressures on economies and markets.
She added that the extent of the worsening of these issues depends on the performance of the real economy and the size of the affected institutions, calling for enhanced oversight of the non-bank financial sector.
Georgieva confirmed that non-bank financial institutions are not subject to the same level of regulatory oversight as banks, which necessitates greater attention from regulatory bodies to ensure financial stability.
She expressed the IMF's concern over the collapse of some U.S. companies that obtained their financing from the non-bank financial sector, stressing the need for precautionary measures to reduce risks that could spill over into the global financial system.
Georgieva affirmed that the upcoming phase requires a delicate balance between supporting economic growth and ensuring financial stability, while maintaining global trade as one of the fundamental pillars of the international economy.