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.
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.
G20 members account for more than 80% of world gross domestic product, 75% of global trade and 60% of the population of the planet, including big-hitters the United States, Japan, Britain, France, Germany and India.
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.
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She said she hoped to include provisions to implement the so-called “Pillar 2″ minimum tax into a budget “reconciliation” bill this year that Congress could approve with a simple majority, potentially without Republican support.
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.
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.
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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)
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But the US bank is under pressure to give entrants a pay rise, after rivals including Citigroup, JP Morgan and Barclays raised comparable fixed salaries for their American recruits to $100,000 a year, or £71,941, before adding on bonuses.
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.
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.
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.
Higher U.S.
interest rates, in turn, could lead to a sharp tightening of global financial conditions and significant capital outflows from emerging and developing economies, IMF Managing Director Kristalina Georgieva said in a blog published Wednesday with the IMF’s surveillance note for G20 countries.
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.
