The International Monetary Fund (IMF) made a bold statement on October 14, 2025, during its World Economic Outlook press briefing. The message was clear and resounding, delivered by none other than IMF’s newly appointed Managing Director, Pierre-Olivier Gourinchas. In his inaugural address, Gourinchas laid out the IMF’s vision for the future, emphasizing the critical role of international cooperation in driving global economic growth and stability.
The IMF is an international organization consisting of 190 countries that aims to promote international monetary cooperation, facilitate international trade, and foster sustainable economic growth. Since its inception in 1945, the IMF has been a key player in shaping the global economic landscape and has been instrumental in helping member countries overcome economic challenges.
As the former Dean of the London School of Economics and a renowned economist, Gourinchas brings a wealth of experience and knowledge to the IMF. In his address, he emphasized the pressing need for countries to work together to address the economic fallout caused by the ongoing COVID-19 pandemic. Gourinchas stated, “The pandemic has taught us that national borders have become meaningless in the face of global crises. We need to strengthen our international cooperation now more than ever.”
The IMF’s World Economic Outlook report, released alongside Gourinchas’ speech, also highlighted the need for increased cooperation among nations. The report forecasts a slow but steady recovery for the global economy, with a projected growth rate of 4.9% in 2026. However, Gourinchas cautioned that this growth can only be sustained if countries work together to address pressing issues such as climate change, income inequality, and digitalization.
One of the key focus areas of the IMF in the coming years will be to promote inclusive growth and reduce inequality among nations. Gourinchas acknowledged the growing income disparities within and between countries and emphasized the importance of implementing policies that benefit all segments of society. He stated, “The IMF is committed to using its resources and expertise to support countries in creating policies that promote inclusive growth and reduce inequality. We firmly believe that sustainable growth can only be achieved when the benefits reach all sections of society.”
Gourinchas also addressed the issue of digitalization, which has accelerated rapidly due to the pandemic. He acknowledged the benefits of technological advancements but warned against the potential negative impact on employment and income distribution. The IMF plans to collaborate with its member countries to develop policies that leverage technology to support economic growth and ensure that the benefits are equally distributed.
The IMF’s role in promoting global economic stability and cooperation has never been more critical. As countries continue to grapple with the aftermath of the pandemic, the IMF has taken swift action to provide financial assistance and policy advice to member countries. The IMF has provided over $745 billion in emergency funding to aid countries in their response to the pandemic, demonstrating its commitment to supporting its member countries during these challenging times.
In his concluding remarks, Gourinchas reiterated the IMF’s commitment to promoting international cooperation and addressing global economic challenges. He said, “The world is facing unprecedented challenges, and it is only by working together that we can overcome them. The IMF is ready to play its part in building a more resilient and inclusive global economy. We are optimistic about the future, and with the support of our member countries, we are confident that we can create a better world for all.”
As the IMF celebrates its 80th anniversary this year, it is evident that the organization remains dedicated to its core mission of promoting international monetary cooperation and fostering global economic stability. With Pierre-Olivier Gourinchas at its helm, the IMF is poised to lead the world towards a brighter and more prosperous future. Let us all join hands and work towards a stronger, more resilient, and inclusive global economy.
