Washington : As the new Omicron form has spread to over 40 nations around the world, Kristalina Georgieva, managing director of the International Monetary Fund (IMF), urged for global cooperation on Monday to contain the COVID-19 epidemic and assist economic recovery.

"The global economy has continued to recover, but there are many risks ahead, including the pandemic's uncertain path amid the arrival of new variants and the outlook on inflation," Georgieva said in a statement following the sixth "1+6" Roundtable, which was virtually convened by Chinese authorities. "Urgent policy action is required to manage the pandemic, reduce damage, and alter the global economy," Georgieva said, highlighting four areas where global cooperation is essential.

To begin, immediate action is required to meet the IMF's pandemic proposal of vaccinating 40% of the population in each country by the end of this year and 70% by mid-2022.

Second, countries must work together to minimise trade tensions and enhance the multilateral trading system, which is critical for economic growth and job creation. Third, greater ambition is required to speed the transition to net-zero carbon emissions and to support climate adaptation efforts by utilising all available policy levers. Finally, many developing economies will require assistance from the international community in order to recover, as their budgetary space is narrowing and their debt burdens are rising.

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