There will be "people on the street" globally unless steps are taken to protect the most vulnerable from inflation, International Monetary Fund's (IMF) chief Kristalina Georgieva warned on Wednesday.
"It is important to think that this compounded impact of multiple crises is already testing the patience and resilience of people. And if you don't take action to support the most vulnerable, there would be consequences," she told
"If we don't bring inflation down, this will hurt the most vulnerable, because an explosion of food and energy prices for those that are better off is inconvenience — for the poor people, tragedy. So we think of poor people first when we advocate for attacking inflation forcefully," Georgieva said.
Central banks around the world have "no choice" but to increase interest rates in an effort to combat inflation, she added.
"Fiscal policy, if it goes generously to help everybody, will be actually in the way of monetary policy, it would be the enemy of monetary policy, because you increase demand and that pushes prices again up, and then there has to be more tightening," the IMF chief said. "The critical question in front of us is to restore conditions for growth, and price stability is a critical condition," she added.
Events that have driven price increases — mainly the Omicron variant of COVID-19 and Russia's invasion of Ukraine — have "made inflation today our biggest enemy," the IMF chief told Amanpour.
"This year is tough, next year tougher. Why? Because of a shock upon shock upon shock. In just a short three years: the pandemic (not yet over), the war, Russia's invasion pushing energy and food prices up, and then the result is a cost of living crisis," she told CNN.
When asked about a rise in support for far-right candidates in the likes of Italy and Sweden, Georgieva said that she is "not surprised to see people getting angry. They have been locked in their houses for months and months and months. They see prices jumping up dramatically. And this is why my appeal to policymakers is 'be considerate.'"
The IMF chief told Amanpour that events that have driven price increases — mainly the Omicron variant of Covid-19 and Russia's invasion of Ukraine — have "made inflation today our biggest enemy."
There will be "people on the street," she said. "If we are not able to protect the sense of survival and the sense of solidarity, this is what is going to happen."
A $2.14-billion federal loan for an Ottawa-based satellite operator has Canadian politicians arguing about whether American billionaire Elon Musk poses a national security risk.
Specialist divers surveying the wreckage of the US$40 million superyacht that sank off Sicily in August, killing seven people including British tech tycoon Mike Lynch, have asked for heightened security to guard the vessel, over concerns that sensitive data locked in its safes may interest foreign governments, multiple sources told CNN.
Twenty-seven year Â鶹ӰÊÓ reporter and anchor John Vennavally-Rao shares his story of what it was like to have an ostomy bag as part of his health-care battle. 'I’m grateful for what it did to extend my life,' he writes in a personal column for CTVNews.ca.
The British Columbia election campaign is set to officially start today, with Lt.-Gov. Janet Austin issuing the writ for the Oct. 19 vote.
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A new study is adding to emerging research showing that exposure to metals such as cadmium, uranium and copper may also be associated with the leading cause of death worldwide, cardiovascular disease.
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The Lebanese militant group Hezbollah announced that it fired a barrage of missiles at a military base deep inside Israel early Sunday following an Israeli airstrike more than a day earlier that killed at least 37 people, including one of the militant group’s senior leaders as well as women and children.
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The British Columbia election campaign is set to officially start today, with Lt.-Gov. Janet Austin issuing the writ for the Oct. 19 vote.
A sea lion swam free after a rescue team disentangled it near Vancouver Island earlier this week.
A northern Ontario man is facing a $12,000 fine after illegally shooting a moose near the Batchawan River.
A body has been found in the vicinity where a woman went missing on the Ottawa River near Pembroke, Ont. while kayaking Tuesday night, according to the Ontario Provincial Police (OPP).
Donald Trump returned to North Carolina on Saturday, stumping in the southern battleground state with direct appeals to women, claiming he would be a better champion for them than U.S. Vice President Kamala Harris, who is vying to become the first female president.
Sheba, a 50-year-old seal at the Cornish Seal Sanctuary in southwest England, has far surpassed the average lifespan for seals and could be the oldest in captivity in the world.
The more Chelsea Walsh talked to the eccentric fellow American who seemed to pop up in every square and cobblestone street of Ukraine's capital, the more she got creeped out.
Specialist divers surveying the wreckage of the US$40 million superyacht that sank off Sicily in August, killing seven people including British tech tycoon Mike Lynch, have asked for heightened security to guard the vessel, over concerns that sensitive data locked in its safes may interest foreign governments, multiple sources told CNN.
The Lebanese militant group Hezbollah announced that it fired a barrage of missiles at a military base deep inside Israel early Sunday following an Israeli airstrike more than a day earlier that killed at least 37 people, including one of the militant group’s senior leaders as well as women and children.
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Looking after an adult with severe autism can be a full-time job. Ask any parent who has a child severely affected by autism spectrum disorder – it’s a job that can get more difficult as the child becomes an adult.
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The owner of the shuttered Three Mile Island nuclear power plant said Friday that it plans to restart the reactor under a 20-year agreement that calls for tech giant Microsoft to buy the power to supply its data centers with carbon-free energy.
Lebanese authorities on Thursday banned walkie-talkies and pagers from being taken on flights from Beirut airport, the National News Agency reported, after thousands of such devices exploded during a deadly attack on Hezbollah this week.
Kathryn Crosby, who appeared in such movies as 'The 7th Voyage of Sinbad', 'Anatomy of a Murder,' and 'Operation Mad Ball' before marrying famed singer and Oscar-winning actor Bing Crosby, has died. She was 90.fff
'Saturday Night Live' will have a slew of famous faces to help kick off its historic 50th season when the show returns later this month.
The death of the Tragically Hip’s lead singer Gord Downie united fans across Canada in their grief, but in many ways pulled his bandmates apart.
It is not a great time to be a coffee drinker. In general, coffee bean prices are the highest they've been in more than a decade.
The maker of the popular party game Cards Against Humanity is accusing Elon Musk's SpaceX of trespassing on and damaging a plot of vacant land the company owns in Texas.
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Kiefer Sherwood spent several nights last spring chasing Quinn Hughes around the ice and generally pestering the Vancouver Canucks.
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General Motors (GM) has issued a recall for 38,000 vehicles for safety risks related to a software glitch, Transport Canada reported in a notice on Wednesday.
Chechen leader Ramzan Kadyrov has accused Tesla CEO Elon Musk of 'remotely disabling' his Cybertruck, which had been sent to the frontline of Russia's war in Ukraine.
An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.
Cole Haas is more than just an avid fan of the F.W. Johnson Wildcats football team. He's a fixture on the sidelines, a source of encouragement, and a beloved member of the team.
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The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.
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The St. Thomas police is asking the public for help locating a missing man.
The Barrie Skateboard Association (BSA) hosted a unique competition at the City's Skate Park on Saturday to celebrate its 25th anniversary, which showcased the park's importance and the growth of skateboarding in the region.
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The St. Clair College golf teams were successful at the Niagara Knights Invitational tournament on Friday.
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The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.
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Despite the heavy rain, plenty of muscle turned up for United Way’s annual Pull the Bus fundraiser in Lethbridge Friday.
Lethbridge County has rescinded its fire restriction as a result of the recent cool, wet weathr.
The Lethbridge Hurricanes kicked off the 2024-25 season on a winning note Friday night, defeating the Edmonton Oil Kings 3-1 in a game played at VisitLethbridge.com Arena.
A northern Ontario man is facing a $12,000 fine after illegally shooting a moose near the Batchawan River.
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A 26-year-old driver from Surrey, B.C., has been charged with three counts of criminal negligence causing death and bodily harm in a crash that killed two youths in northern Ontario last year.
Newfoundland and Labrador's chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.
A 16-year-old biennial event aimed at fostering business in the country's eastern Arctic and northern regions has been cancelled indefinitely as a dispute unfolds between Inuit in Canada and a Labrador group claiming to share their heritage.
Jim Lester’s farm hopped on the cow-cuddling trend in early August, and his time slots have been pretty well sold out ever since.
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