Giorgetti to the IMF: safeguarding debt sustainability and growth

The goal of economic resilience “requires greater diversification of energy sources and supply chains in the medium term”. This message emerges from the statement by the Minister for the Economy, Giancarlo Giorgetti, to the IMF’s International Monetary and Financial Committee.

“The spread of technological innovation, including through artificial intelligence, offers significant opportunities to boost productivity and strengthen long-term growth, alongside risks that will need to be carefully managed,” the official document continues.

“Fiscal policy should,” Giorgetti emphasises, “restore room for manoeuvre and safeguard debt sustainability through credible medium-term frameworks (such as the EU’s fiscal framework), whilst at the same time protecting growth-enhancing investment and essential social spending, reducing the risks of external contagion and improving the quality and efficiency of public spending and revenue.”

In this period of global uncertainty, Giorgetti emphasised, ‘far-sighted and carefully balanced policies will be essential, alongside stronger international cooperation – underpinned by a rules-based multilateral system – to manage risks and spillover effects, limit fragmentation, seize new opportunities and promote sustainable and inclusive growth’.

In his statement, Giorgetti adds: ‘The global economy has shown resilience in the face of successive shocks, but growth remains uneven, the outlook remains fragile and inflationary pressures continue to weigh on households. Russia’s war of aggression against Ukraine and the ongoing conflicts in the Middle East continue to take a heavy toll in humanitarian terms, to weigh on global economic activity and to heighten geopolitical uncertainty’. The Italian minister’s statement was made on behalf of the constituency comprising Albania, Greece, Italia, Malta, Portugal and the Republic of San Marino.