The world bank’s CEO urged governments to provide more subsidies for citizens as costs continue to increase. While some governments offer some assistance, she thinks that it is not enough. They must do more.
The government should subsidise food and energy prices “in a very targeted manner, preferably by providing subsidies directly to people”, she said.
She added that the priority is to help the low-income who are struggling with rising costs of living, as well as businesses that are affected by the Ukraine crisis.
She promised that the world bank will do its part but cannot stress enough how important it is for governments to step in and truly help people tide through the inflation.
“If we are to learn any lessons from 2019 (i.e. Covid) is to be much more humble about policy decisions, and engage in multiple ways with people, because policies must be for people, not the paper we write them on.”Kristalina Georgieva, world bank CEO