Oct 27, 2019

IMF chief applauds "bravery" of Trump tax cuts

Kristalina Georgieva, the new managing director of the International Monetary Fund, applauded the Trump administration's "bravery to use a tax reform to spur more growth" in an exclusive interview with "Axios on HBO."

Why it matters: Georgieva vowed that she would be able to persuade the U.S. to commit more money to the fund during the course of her five-year term. "I will get my quota increase," she said — in the face of reported U.S. opposition and a U.S. veto over any changes.

Georgieva comes to the IMF from the World Bank, where she was CEO and where she was a key part of the team that received a major capital increase from the U.S. The main Trump administration official in charge of those negotiations was David Malpass, who was then at Treasury and who now runs the World Bank. Georgieva describes him as a friend.

Between the lines: Georgieva has a picture hanging in her office that she acquired in Tashkent, Uzbekistan, in the mid-1990s. It shows two men arguing over chickens, and she says it reminded her of the way that World Bank and IMF economists would argue with each other.

  • Georgieva says that now that she has moved from the World Bank to the IMF, she is bringing the two institutions closer together.
  • "The IMF has learned that if you do adjustment and you don't pay attention to the social costs of adjustment — if you don't have measures in place to make it easier for the most vulnerable people — then there could be a backlash," she says.

Go deeper

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 5,410,228 — Total deaths: 345,105 — Total recoveries — 2,169,005Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 1,643,499 — Total deaths: 97,722 — Total recoveries: 366,736 — Total tested: 14,163,915Map.
  3. World: White House announces travel restrictions on Brazil, coronavirus hotspot in Southern Hemisphere Over 100 coronavirus cases in Germany tied to single day of church services — Boris Johnson backs top aide amid reports that he broke U.K. lockdown while exhibiting symptoms.
  4. Public health: Officials are urging Americans to wear masks headed into Memorial Day weekend Report finds "little evidence" coronavirus under control in most statesHurricanes, wildfires, the flu could strain COVID-19 response
  5. Economy: White House economic adviser Kevin Hassett says it's possible the unemployment rate could still be in double digits by November's election — Public employees brace for layoffs.
  6. Federal government: Trump attacks a Columbia University study that suggests earlier lockdown could have saved 36,000 American lives.
  7. What should I do? Hydroxychloroquine questions answeredTraveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

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Updated 1 hour ago - Politics & Policy

U.S. coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios. This graphic includes "probable deaths" that New York City began reporting on April 14.

The CDC is warning of potentially "aggressive rodent behavior" amid a rise in reports of rat activity in several areas, as the animals search further for food while Americans stay home more during the coronavirus pandemic.

By the numbers: More than 97,700 people have died from COVID-19 and over 1.6 million have tested positive in the U.S. Over 366,700 Americans have recovered and more than 14.1 million tests have been conducted.

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

Japan's economy minister outlined plans on Monday to end the nationwide state of emergency as the number of new novel coronavirus cases continues to decline to fewer than 50 a day, per Bloomberg. Japan has reported 16,550 cases and 820 deaths.

By the numbers: Over 5.4 million people have tested positive for the virus as of Monday, and more than 2.1 million have recovered. The U.S. has reported the most cases in the world (over 1.6 million from 13.7 million tests). The U.K. is reporting over 36,800 deaths from the coronavirus — the most fatalities outside the U.S.