The foundation said the controlling billionaire benefactors, Bill and Melinda, will contribute $15 billion, their single largest contribution since 2000, bringing the total endowment to about $65 billion.
Georgieva said an accelerated recovery from the COVID-19 pandemic in the United States, where growth is seen reaching 7% in 2021, would benefit many countries through increased trade, but rising inflation could be more sustained than expected.
inflation risks comes amid sharp criticism by Republican lawmakers of President Joe Biden’s multi-trillion-dollar plans to boost spending on infrastructure, child care, community college tuition and expanded coverage of home care for the elderly and disabled.
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The IMF said the global economic outlook remained uncertain given questions about the evolution of the pandemic and progress on vaccinations, as well as the possibility that the pickup in inflation would prove “more persistent” than expected.
If Melinda resigns after two years, she would receive personal resources from Bill for her philanthropic work, which would be completely separate from the foundation’s endowment, the foundation said in a blog post on Wednesday.
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The contingency plan for one of the world’s largest philanthropic foundations was announced website by Chief Executive Officer Mark Suzman, a move that would ensure a successful transition for the foundation that has spent over $50 billion in the past two decades toward combating poverty and disease.
Market expectations suggested commodity prices would remain contained over the next few years, but inflation developments varied within advanced economies and were picking up more rapidly in Britain, the United States and the euro area, while remaining subdued in others, like Japan.
WASHINGTON, July 7 (Reuters) – The International Monetary Fund on Wednesday said further fiscal support in the United States could fuel inflationary pressures and warned that the risk of a sustained rise in prices could require raising interest rates earlier-than-expected.
Wednesday’s announcement also comes after billionaire investor Warren Buffett in June said he was resigning as a trustee of the foundation, and had donated half his wealth to philanthropy since pledging 15 years ago to give away his fortune from running Berkshire Hathaway Inc.
The IMF was working with the World Bank and other institutions to move forward on its $50 billion plan to end the pandemic, she said, arguing that quicker progress could result in trillions of dollars of added global economic output.
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In countries where the recovery was accelerating, such as the United States, it would be “essential” to avoid overreacting to transitory increases in inflation, Georgieva said. (Reporting by Andrea Shalal; Editing by Leslie Adler)
The 70-year-old British entrepreneur pumped his fists in the air as he stepped onto the runway in New Mexico before skipping towards his daughter Holly’s twins Etta and Artie and scooping them up in his arms
July 7 (Reuters) – The Gates Foundation said Melinda French Gates and Bill Gates, in the midst of a high-profile divorce, will continue to work as co-chairs for a two-year trial period and after that time if the arrangement unravels, she would step down.
Georgieva repeated her call for urgent action by the G20 countries to accelerate vaccinations to high-risk populations, warning of a “worsening two-track recovery” that is leaving a large number of countries behind while the United States, China, the euro area and a few others are recovering quickly.
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