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June 30
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The international community should lower trade barriers to fight inflation, International Monetary Fund (IMF) Managing Director Kristalina Georgieva, her first deputy, Gita Gopinath, and IMF Director of Strategy, Policy and Analysis Ceyla Pazarbasioglu recommended in a joint article published Monday.

“We can start now by lowering trade barriers to alleviate shortages and lower the prices of food and other products.

Not only countries but also companies need to diversify imports—to secure supply chains and preserve the tremendous benefits to business of global integration. While geostrategic considerations will drive some sourcing decisions, this need not lead to disintegration. Business leaders have an important role to play in this regard," the authors of the article said.

“Tensions over trade, technology standards, and security have been growing for many years, undermining growth—and trust in the current global economic system. Uncertainty around trade policies alone reduced global gross domestic product in 2019 by nearly 1 percent, according to IMF research. And since the war in Ukraine started, our monitoring indicates that around 30 countries have restricted trade in food, energy, and other key commodities,” the article said.

The IMF also called for helping poor countries ease their debt burdens, modernizing international remittances by creating a global low-fee platform, and combating the crisis caused by climate change.

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