including the imf and world banks. we are all here this week because we believe in the principles these institutions represent. a critical role of economic cooperation will play in creating prosperity. in the last few weeks we have seen criticism from some quarters with sanctions facing responses to the international economy. by demonstrating the stark consequences of isolation from this system we are encouraging our adversaries to celebrate their efforts. my takeaway is the opposite, we have shown not only how indispensable this system is, and how costly it is to be excluded from it. but also, the futility of trying to avoid it. russia's efforts to insulate itself from sanctions have failed because of the strength of the financial system we have collectively built. like our predecessors, who built the system during a moment of global conflict and crisis, now is the time to double down on our investments in the shared financial architecture. promoting shared prosperity and holding rogue actors accountable. let me concl

overtime more than 190 countries have joined the imf because of the proposition that the imf was built around helping to build a sense of sheer prosperity. in order for the imf and these international financial institutions to remain relevant into the future we have to make sure that we are addressing crises that we face today from covid-19 to climate change. who are doing it in a way that i would say is equitable, where we are helping those people who need help the most. that is a big focus of president biden's agenda, the secretary's agenda, we know it is something that the leaders of the international financial institutions support. but, to your point, the goal for us is the international financial architecture needs to adapt and change. as the world changes, that is something we are committed to working on thank you. going back to something you're saying a moment ago that i know that is consisted in your efforts work about trying to design sanctions and minimize and their allies your allies. we are all very aware of the germany and australia are heavily a pendant on russian oil and

over time more than 190 , countries have joined the imf because of the proposition that the imf was built around helping , a sense of shared prosperity. in order for the imf and other institutions to remain notable, we have to make sure we are addressing the crises that we face from covid-19 to climate change and doing it in a way that is equitable. where we are helping those people who need help the most. that is a big focus of president biden's agenda. the leaders of the international financial institutions support. to your the goal for us is that point, the international financial architecture needs to adapt and change as the world changes. >> thank you. going back to something you said a moment ago which i know is consistent in your departments work about trying to design sanctions that are targeted and minimizing unfortunate spillovers on other countries including our allies. we are very aware that germany and italy and austria and a couple other countries are heavily dependent on russian oil and particularly natural gas due to long-term commitments and pipelines and such, and theref

china has indicated they would not be happy about an imf loan, and i be happy aboutan imf loan, and i met be happy about an imf loan, and i met process itself is long and complex. how are people going to manage on a daily basis with his political and economic crisis, not likely to be resolved soon? the hope is that, likely to be resolved soon? the hope is that. once — likely to be resolved soon? the hope is that, once we _ likely to be resolved soon? the hope is that, once we announce _ likely to be resolved soon? the hope is that, once we announce we - likely to be resolved soon? the hope is that, once we announce we have i is that, once we announce we have gone to the imf, we will have finance before the imf programme kicks in and all the institutions will be expected to provide us for that finance, we are asking for $4 billion. �* .,, ., , , ., that finance, we are asking for $4 billion. �* ., , , ., , billion. and obviously we are seeing olitical billion. and obviously we are seeing political turmoil _ billion. and obviously we are seeing political turmoil and _ billion. and

the imf is also at a crossroads. the founder plays an important role promoting international macroeconomic stability, yet -- at the top of this organization missing creaking to issues like climate change create a lack of confidence in this leadership. this hearing would focus on treasuries -- . at ifis notes for today's. testimony >> thank you very much i want to welcome the honorable janet yellin, secretary of the treasury department. you rinse it will be made part of the record. you have five minutes you summarize your testimony. should be able to see a timer that will indicate how much time you have left on your testimony. secretary yellen, you are now recognized for five minutes to present your testimony. thank you chairman waters ranking member mchenry, and members of the committee. thank you for giving me the opportunity to speak to you today. i am here to discuss treasury's oversight of the international financial institutions or if he's and our role in promoting inclusive and sustainable growth, global moneta

so what is our contribution from the imf? we are committed to work closely with our partners, focusing on our comparative strength, our macroeconomic expertise. first, realtime analyses of the situation. we are assessing external financing needs across the most effective countries affected countries, complementing food insecurity heat map developed by un agencies and others with contributions from those who spoke before me. . we will also work with the wto to ensure that global and regional markets function properly. second, we are providing [inaudible] policy advice to country authorities to mitigate the impact of current food shortages and higher food prices through targeted fiscal policies, and of course, [inaudible] intervention total social support of the most vulnerable. but we also work with them to build resilience to future shocks. we have a new strategy on fragile and conflict affected states. it also supports in canvassed engagement with those countries most severely impacted by the food crisis. three, we will cont

do believe chinese rescheduling will also balance on what you present to imf? >> they all have to sit together . >> and what sort of repayment do we have to china, being in a debt trip to china? -- trap in china? >> the rates are the same. haidi: let's look at the commodities complex, because we aren't seeing fears of a crisis, fears of shortages as we get continued moves when it comes to food protectionism. beijing has started buying brazilian corn, a very rare move suggesting we are seen impactful fears of food security and supply. corn sitting lower, week also up by about 2%. watching oil markets as we see continued gains strengthening as inventories in the u.s. falling to new lows, marking the beginning of key summer driving season. new york crude up by about .6 of 1%. brent has been gaining for the last five or six sessions. we have lots more to come on "bloomberg daybreak: asia." this is bloomberg. ♪ haidi: scott minerd says he expects bitcoin to fall to $8,000. he had previously said on bloomberg he thought cryptocurrency should be as much as $400,000.

to say the newcomers are the ones flirting with the imf is simply not correct. host: we are coming almost to the end of the program. if we look, there has to be a new speaker elected. the president calls for binding consultations to choose the prime minister or form of government. how do you foresee this process? >> i think the challenge here is i think for the first time the ruling class, clinical parties do not have the monopoly of representation. something has changed, a fundamental change. i think we need a fundamental schematic change, but i think sometimes this kind of change can be made through legislation, and if we continue to lobby from the inside to the outside, to put pressure everywhere, i think we can meet the change that we want. as for the next roadmap, i think it is important, what is mostly important is the economic crisis and the way out, and what is most important is not to sell the state's resources. that is the most important thing. host: thank you very much for your time. thank you to all of our guests, and thank you for watching. you can

they carried out an audit per the imf's requirement. and the audit said we stole the money basically. cameron went back to the imf, asked for 600 million dollar loan and got it. 20 cameroonian women, we said this is not happening, not on our watch. we wrote to the i am off, we said, we want you to do three things. one, at a time they had published the audit, one, published the audit, number two, the cameroon government must tell you what they're going to change in their public finance management system so that money doesn't get stolen. interesting idea, right? the third thing we asked them to do is that the people, the audit is really clear. it says this person, this ministry, this amount of money. and it is gone. all those people are still sitting in their offices today managing money. that, now, when we, as cameroonian women, on the ground are fighting, and you know, i have been arrested numerous times. i have been water hosed. i have been kidnapped, because i'm asking my government to govern properly. when they're ally, because that

did the imf release those rules? >> sir, the imf has given countries guidelines about appropriate use of sdrs. and, there is a disclosure framework so that we can monitor how they are being used. it would bei do not quite know u can access those, but i knew that they have been produced. >> i think it would be useful for the committee to have access to those guidelines. do you know if any sdrs were exchanged since they were issued for payment in any form of debt? >> i cannot give you a detailed rundown, but i can tell you that the united states -- >> i know the united states is not doing this, this is in your capacity of overseeing our role as shareholders in the imf. i know the u.s. is in good standing. my concerns last year was you could not obtain that commitment from anybody. we did not ask him buddy to commit to it in advance of it being issued. we have not seen like items and we do not know what those transactions have been in place if any over the last few years. i think that will be very helpful. >> we will tr

could you talk about the role of the world bank and the imf in terms of sri lanka's economic policies? >> yes. definitely if you look at the 1970's, until then we had a left-leaning government. with the long economic downturn in the 1970's, went into arising government emerged a very pro-u.s. government emerged in 1977 under the leadership -- sri lanka went thugh adjustments with the world bank m imf. decided to liberalize trade, liberalize financial systems, and over the last ur decades, that has led to huge amounts of -- much higher levels of inequality in the country. that continued -- but for the last 12 years after the war in particular, we have gone through 16 imf agreements in sri lanka. wi the support of the imf, we have been borrowing in the international capital markets, sovereign bonds, very high interest rate on the order of angle interest rates on the order of 7.1%, which means when the bonds are repaid in 10 years time frame, the interest cost is equal to the principal. so if you borrowed 500 million s. dollars, by the time you repay it, -- this came with the support of

well, on that note, kristalina georgieva, my friend, the big boss of the imf, thank you. always appreciate your time. and i'll talk to you soon. thank you. well, that's all for this week. don't forget, you can keep up to date with the latest on the war in ukraine and how it's impacting our global economy on the bbc news website or smartphone app. you can also follow me on twitter. tweet me, i'll tweet you back. you can get me at @bbcaaron. thanks for watching. i'll see you soon. bye— bye. after a wet night across parts of england and wales, keep the umbrellas handy wherever you are during tuesday. there will be some sunny spells. it won't be wet all the time, but you may never be too far away from a shower that could be heavy, possibly thundery. now, low pressure is beginning to edge away. we have a flow of air coming in from the west—northwest to the uk. it is unstable, so along with those sunny spells, there will be some big clouds building at times with those showers breaking out. away from central, southeast and eastern england, where it could still be quite wet f

these comments from the imf mission chief for the country. this is bloomberg. ♪ this is bloomberg. ♪ >> when we talk about zero covid strategy, we do not think it is sustainable. transitioning into another strategy will be very important. shery: the world health organization director general on the covid zero policy. beijing's strict lockdowns continue to weigh on asian equities, the selloff has taken valuations to near pandemic lows ahead of some key earnings in the next two weeks. this worsening selloff is taking the key benchmarks deeper into bear territory, this is a drawdown. investor enthusiasm for chinese equities is waning amid concerns over the impact of lockdowns and a slew of recent data painting a bleak picture for the economy. let's bring in our next guest who says there could be more downside. always good to see you. is this just mostly because of the lockdowns across china, and what happens if we do have relaxation on restrictions? guest: indeed. over the next two weeks, we will be seeing more chinese data for the month of

that was the md of the imf, i am going to send it back to you in london, tom. tom: great stuff as ever. don't miss our interview with the governor on the bank of thailand. that is live shortly from davos. this is bloomberg. ♪ tom: welcome back to the open. we are 26 minutes into the trading deck. futures stateside looking positive. a couple individual corporate's we want to focus on. we have an update from siemens energy on their bid, seeing the stock up on the back of that. when it comes to shell and oil price, the iea saying prices will rise further. kingfisher beating with their results. investors pushing that stock up by almost 3%. coming up, biden in asia. the president's visit to south korea and japan on security and trade. we delve into the details next. this is bloomberg. ♪ tom: welcome back to the open. we are 30 minutes into your european trading day, and here are your top stories. your. yet u.s. futures -- european in u.s. futures jump. record covid cases in beijing. u.s. president joe biden says he will intervene if china invades taiwan. speakin

yvonne: the imf director speaking with francine. she does not see a recession but when you talk about stagflation, a fat tail risk and you are seeing that term being thrown around quite a lot. david: the number of news articles we track that have that term has been spiking. when you look at this chart, monthly mentions of stagflation. i wonder is this live. stagflation. stagflation. yvonne: it is a monthly thing, david. rishaad: recession is also one mentioned in articles. david: recession. you went with the art word -- the r word. yvonne: it seems there is a lot of chatter about when is the next pivot for powell. people are saying maybe it is going to be earlier to people are starting to think, when is the fed going to start caving soon. david: as paul gamble calls it -- rishaad: as paul gamble calls it, irritable powell syndrome should he is very unkind. we have a lot more coming up. this is bloomberg. ♪ yvonne: hong kong and china doing this now. we have seen a version in these markets. still trying to digest these tax cuts, if

the imf is a last resort. how important is it they would actually need to hammer this down and secure that funding from the imf? reporter: a lot have -- of lines have closed down for pakistan. bonds fell to a record low a couple of weeks ago, and the finance ministers said we can't go to the bond market despite the fact pakistan hired j.p. morgan a few weeks ago. prices have gone up so much. yvonne: we have seen markets being quite optimistic about what we have heard so far, then again you have the prime minister talking about the six-day ultimatum he could announce. how big of a risk is that? reporter: that is always a risk. he is expected -- the imf is very cautious. if there any such concerns -- haslinda: bond prices near a record low. thank you for those insights. still to come, a deputy are b.i. governor joins us to preview tomorrow is gdp data and why the numbers may not tell the full story. that is next, this is bloomberg. ♪ haslinda: taking a look at india futures, we started last week on a gain when

well, on that note, kristalina georgieva, my friend, the big boss of the imf, thank you. always appreciate your time. and i'll talk to you soon. thank you. well, that's all for this week. don't forget, you can keep up to date with the latest on the war in ukraine and how it's impacting our global economy on the bbc news website or smartphone app. you can also follow me on twitter. tweet me, i'll tweet you back. you can get me at bbcaaron. thanks for watching. i'll see you soon. bye— bye. good afternoon. there's a lot of dry and very usable weather out and about today. however, we do have rather a lot of cloud, particularly across the western side of england and wales and across northern ireland and western scotland we've got this weather front that's bringing some patchy rain in as well. so east of the grampians best for the sunshine, a little bit warmer generally across england, wales compared with yesterday because we've got more sunshine which will last well into this evening. but you can see that split with the cloud and the weather fronts continuing to pester north

and we will do. >> imf managing director speaking with francine. it is time for morning calls ahead of the asian trading day, blackrock saying it is cutting its recommendations to neutral. flagging concerns over slowing growth, and fed tightening, not to mention china fears. u.s., japanese, chinese talk -- stocks look less appealing. saying it is too early to turn bullish on u.s. stocks. he says the s&p 500 dropping lower than current levels. growth areas like consumer spending emerging at a lower level, stocks better reflect earnings challenges. >> coming up next, j.p. morgan investor day that the u.s. economy remains strong, potential obstacles to growth are not set in stone. we will talk more about this next. this is bloomberg. ♪ >> strong economy. storm clouds. i'm calling them strong because because they are storm calls, they made dissipate, if there was a hurricane because it was a tsunami like 07, 08, we can handle all that. >> that was j.p. morgan seo, at the banks investor day, that's bring -- coo at the banks investor day, he was optimi

so even to tell the imf that we are doing every thing that we need to do, to be eligible for an imf bailout, they need a finance minister, which they are set to do in hours from now. they need to appoint advisors to conduct debt restructuring talks, which they have already done. and three, they need to start talks with global bondholders in earnest and reach some sort of consensus. to tell the imf good faith negotiations have begun, give us the cash we needed yesterday. rishaad: good stuff jeanette. mumbai chief fund. sri lanka has the highest inflation in asia and second inflation -- second highest inflation is in pakistan. it is something a country is grappling with as they tried to also shore up their own financial reserves as well. there currency reserves sustained for about two months. we are looking at all of this as indeed those prices go up. and it is something that the acting central bank governor has been weighing in on. >> it turns out the economy has been going fast for the last two years. 6% in 2020 and april of 2021. fiscal expansion occurred this year as well, which is adding

and i do believe we shook up the imf internally as well. the tremendous thing about this network is that others asked me how do we do this for several african countries? we need to use this individual power that we have all built up, going to grassroots come out because if we want to have a chance, we have demobilized massively. we cannot be afraid. we cannot be afraid. when we were writing to the imf people were like, really? we wrote to come out we got a meeting, we were able to talk to them. holding people's feet to the fire, even when they are women, because the imap is run by women right now. -- the imf is run by women right now. it is about the type of power that we want to come out the type of governance. i thank secretary clinton for talking about the autocrats. they are forming alliances. people asked me why do you think russians are becoming so influential in africa? i don't know if it was your op-ed that i read in the economist, but there was a female leader who wrote what i felt was the best piece after the invasion of ukraine.

they are part of the imf risk mitigation framework, and i see them as critical to protecting the imf's resources and making sure that they can play a critical role as a global lender of last resort. we are going to rely on the multilateral development banks and the imf to provide more resources because of the russian invasion of ukraine. we need to make sure that the proper mechanisms are in place and i think that these surcharges should remain in place. >> respectfully, i disagree. as to 17 other congressional colleagues who sent a letter to you, urging you to reconsider in january. in 2000 nine, before the pandemic struck, 54 countries sent more resources to country servicing forming debt then health care for its citizens. given that egypt and armenia are faxed less than 15% of their population, is it fair to say the money -- are better spent on vaccinating their people? clearly -- sec. yellen: clearly there are countries who require more resources to address the that make and downturns in their economy and the adverse impacts of the economy and of the current global situation. the i

they are seeking to find a deal with the imf. sulekha is said to be appointing a minister of finance and another for economic revival. in the position has been vacant for two weeks and is crucial for negotiations. the prime minister might double up as minister for economic revival to guide economic policy. goldman sachs ceo says employee death on the new york city subway is a tragedy. and unidentified man shot and killed a goldman sachs employee on the train. the victim works for the company since 2013. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. haidi: china is rolling out another $21 billion in tax relief for businesses, some of the latest package to boost the lockdown stricken economy. kathleen hays is here. what are they hoping the effect will be? >> that it will ease the pressure on the economy hit hard by many stressors. they are looking at providing more tax relief. the package, $21 billion is the tax relief.

i am also pleased to have david and crystal here today as the world bank and imf are actively responding to the global impacts of the war in ukraine. i wish we were meeting under different circumstances, but the reality is, we are facing rising global food insecurity. this touches the most for noble people the hardest. families that are already spending disproportionate amounts of their income on food. moreover, the interconnectedness of the global food system means that people on every continent are impacted. even before the war, over 800 million people are suffering from chronic food insecurity. that's 10% of the global population and more than the populations of our five home countries combined. poor nutrition and food insecurity has serious implications for economic world being, social and political instability. the war has made an already dire situation worse. price and supply shocks are already materializing, adding to inflationary pressures, creating risks to external balances and undermining the recovery to the pandemic. i want to be clear, russians actions are responsible to thi

in the earlier segment on the imf and prescription from imf there was a lot of talk about the spending and making that very targeted so it does not contribute to further inflation but the other side of fiscal policy is taxation and there has been a long—standing question of how we deal with taxation and the question of reform has been shocked, moving away from the need to move away from indirect taxes on spending to direct taxes, even taxes on wealth and addressing the underlying problems of inequality and in the economy, particularly the us and uk but this is a global problem. the original, there is no alternative, was actually in reference to stagflation with recession the only cure for inflation. i think the 70s showed it wasn't a very good cure for inflation and finally enough, the man who coined the term stagflation, brian redding, popped up in my inbox recently, suggesting the tax reform was the better alternative and because fiscal policy makers are shaking about, it's policy makers are shaking about, its left on the shoulders of monetary policymakers which is a very blunt ins

right now, entities like the world bank and the imf cannot support sri lankans and fiscal and external viability's we are seeing. once we get to an agreement, the key hope for us is that we do have that availability to go to lenders like the world bank to seek further assistance, which is one of the main constraints. in the other thing is, even though the sri lankan economy is small, the positive ic is that once the imf does come in place, and it materializes, that would ease a lot of pressure we are seeing, but what will sri lanka do until the imf deal comes through? rishaad: what are you predicting in terms of economic growth or economic contraction? the currency has been hit so hard. >> yes, so far we expect at least 2% to 3%. in the positive that we see is that the central bank taken over has been showing some very positive sign in terms of quality action. in a way it has really gone. it reached much higher in is settling down again because of some of the political measures the central bank has taken. the dollar flows through for imports, for example. so you will see a gradual infl

tom: i need to link in the imf work. the imf does prodigious work on this. our eric martin makes clear he is studying egypt as one of the test tubes of this rivet price change we are in in terms of rice and wheat. india has led the way with the first fears of blockage of exports. what is the imf doing to give confidence to nations that are struggling with wheat and rice? gita: this is a major concern for us. not just india, but if you look at food exports, since the start of the war about 20 countries have put restrictions on food exports, be it wheat or palm oil or other products. we worry a lot about what is going to happen with food prices. it is one of those prices where there is more that will go up in the future then we have already seen, and it is a major concern. tom: the history is the domestic government will come to the rescue, flatten prices. the cost of bread in egypt has been flat, and subsidize whatever the commodity is until it breaks. how close are we to a breaking point of that domestic subsidy to feed people? gita: after two years of a pan

the imf is fully on board with that fact. we hope that we will succeed. anchor: i want to ask you something. taken a step back from all of this, i have seen speculation on the part of various different people, that this is part of a conversation that could shake the country. do you think the protest we have seen, is this part of nation building? >> definitely. i believe we have this unique opportunity and i think it is a very important thing to remember. while we have seen the last few weeks citizens have come out peacefully, united. there have been some issues, but recognizing there was a lot to do, but people can be united in building this country. there is also recognition that there needs to be structural reforms brought in that changes the structure of this country. one of the key reforms is abolishing the executive presidency. reconciliation, economic justice, although of that can come together. we have a unique opportunity to push this country forward and bringing stability and economic growth. these are long-term plans. immediately what we need is

. >> imf economist sell gau dough shared the analysis. the imf forecasts japan's economic growth their yeis year 2.4%. he says they are taking appropriate measures to bolster the economy but that after the economy recover it is will be important to continue efforts to boost fiscal reconstruction. >>> alliance auto makers nissan and mitsubishi have unveiled the many hi mini electric vehicles they will but the put on the japanese market this summer. >> translator: these mini evs form the new generation that will help realize a carbon neutral society. >> they can both run 180 kilometers on a single charge, which is below the average. many compact car owners travel less than 50 kilometers per day. the shorter range allows for a smaller battery, bringing down the overall price. after government subsidies, the models will be about $14,000. many vehicles account for roughly 40% of new car sales in suzuki and daihatsu are also planning to release ev >>> renault introduced a car that has the same battery that powers electric cars at a green event

second is to negotiate a program with imf. and third is to seek rich financing from friendly nations. and all of these are proceeding at the technical level. we are discussing with the imf the various components, and those negotiations continue. the problem is, when you conclude the negotiations, if you need to make an announcement , we feel there needs to be a government that has legitimacy and that is the problem sri lanka is facing. the government has lost the support of the people and people are calling for the resignation of the president and dismantling of the government. so, it would be very difficult at that point if that persists, it would be very difficult to say that we have negotiated a program for development. at that is the dilemma that we are facing. haidi: i think the dilemma is, you can name a new prime minister, but global investors want a government that can stay in power, with certainty. is it possible to begin to restructure with either global institutions or global investors without that? shanta: that is

>> once we finish the imf discussions. >> what is it that you are looking for? are you looking for debt restructuring question mark what you have in mind? >> we will have to ask them about restructuring. we will wait for this to come in and then see whether we can get any bridging finance. the europeans and others. >> the world bank said today that a reform needs to be placed for fresh funding. do you feel that chinese rescheduling, repayments will balance what you present to imf and getting through that? >> we want to do that. we have to stick together. we can only price from outside, whether it is japan or china. >> what repayments do we have to china? are we in a debt trap to china? >> the percentage of loans by japan and china are the same, except that the chinese interest rates are higher. rishaad: all right, that is the sri lanka prime minister. just checking in and a look at some of the markets. looking at these ones in southeast asia, here we go. we did have the sti there, moving to the early upside by about 1%. philippines will change to the top as far

he is leading the delegation to the imf talks. how can even be possible? how can he make sure our are served? the imf is not set up... it is set up to preserve the globalfinancial set up... it is set up to preserve the global financial system. when you go to them bankrupts, as beggars... you need to have someone who can have those tough negotiations. we are in a really difficult situation.— difficult situation. there is also obviously some _ difficult situation. there is also obviously some thought - difficult situation. there is also obviously some thought that i difficult situation. there is also . obviously some thought that china difficult situation. there is also - obviously some thought that china is not necessary supportive of the sri lankan government going to the imf, and sri lanka has taken a lot of financial and political backing in recent years from china. how could any governments untangle these conflicting demands?— any governments untangle these conflicting demands? these are very tou~h conflicting demands? these are very tough times- â€

priority number one is to finalize a bailout from the imf. while the group has given conditional approval to a 3 billion loan package, the new government will have to commit to reforms to access that cash. >> our negotiations with the imf are not only about finance, but also reaffirming issues because donor countries need to start to work with lebanon and put lebanon back on the international financial map. correspondent: some of the reforms include changes in secrecy laws to tackle financial crimes and restructuring lebanon's banks. cole: one less number illustrates the depth of the crisis in lebanon. the unemployment rate there has tripled since 2019, very difficult situation in the elections. mark: we will wait and see how it turns out. thank you so much. let's go across the studio, catalina has joined us. following the shooting death of the journalist, shareen, there is a bogus twitter account linked to her. >> a twitter account is pretending to be the brother of the journalist that was shot and killed while covering an israeli military r

fund, share managing director, georgina, imf taking estimates down. the biggest test since world war ii. don't miss a moment of it, you're watching mornings with maria live fox. we will be right back. ♪ ♪ ♪ >> mornings with maria davos coverage. maria: a major topic the growing food shortage kelly o'grady live on the ground in davos this week, kelly, good morning. >> good morning, maria. well, we spoke about food security, we have been talking about that all week. i wanted to bring you an update because it's one of the most important topics in davos, massive inflation and war in europe compassion herbating a difficult situation according to the united nations global food prices have spiked one-third and the number of food insecurity has doubled since the pandemic began affecting 276 million people worldwide. european commission president ursula claiming russia, wheat prices are skyrocketing, food shipments can't get to somalia and russia is weponizing a basic human need. >> today's russia artillery is bombarding grain war houses in ukraine. on t

that's what the imf forecasts say. he asks about, he asks about working people, mr. speaker. this is the government, this is the party that supports working people -- [cheers and applause] s -- with the biggest increase, yes, yes, i'll tell you what's going on, the living wage is going up, mr. speaker. employment is going up, mr. speaker, by record amounts. 500,000 more -- they don't want to hear -- let me give him figures. 500,000 more people in paid employment now than there were before the pandemic began, and youth unemployment, youth unemployment at or near record lows. under labour, just remind you, everybody, under labour you've -- you saw unemployment rose by 45%. [inaudible conversations] >> mr. speaker, this must be the opposite of debating skills we've been a hearing -- [laughter] garbled metaphors, powerful stuff, prime minister. [laughter] here's the problem. it's not just his words that are complacent, it's his actions as well. the cost of living crisis was blindingly obvious months ago. but he said worries about inflation were up founded. -- unfounded, and he ba

and as the imf said, his support is depending on sound economic policies. and clearly the sri lankan government has refused to deliver on sound economic policies. so one of the more disastrous economic policies we've seen was the ban on chemical fertilisers, we've seen was the ban on chemicalfertilisers, which caused a shutdown on several plantations, it drastically reduced as a consequence the country's ability to feed itself. that triggered inflation — so that's one of the challenges the government has faced and is directly responsible for, so it's difficult to say what will happen. difficult to say what will happen-— difficult to say what will hauen. , ,., ,, ., happen. these protests have been taking _ happen. these protests have been taking place _ happen. these protests have been taking place for- happen. these protests have been taking place for weeksl happen. these protests have - been taking place for weeks now and were largely peaceful. in your view, what actually made them turn violent? so your view, what actually made them turn violent?— t

and, as the imf said, its support is pending on sound economic policies — and clearly, the sri lankan government has refused to deliver on sound economic policies. so, one of the more disastrous economic policies that we've seen was the ban on chemical fertilisers, which caused a shutdown on several plantations, it drastically reduced, as a consequence, the country's ability to feed itself. you know, that triggered inflation — so there's been a lot of challenges the government has faced and is directly responsible for, so it's difficult to say what will happen. these protests have been taking place for weeks now, and largely, they were peaceful. in your view, what actually made them turn violent? so i think there are a few reasons — i think the government has refused to listen to its people. the rajapaksa family remains in power, so, despite the resignation of mahinda and the dismissal of basil rajapaksa, the president remains. the government is not effectively listening to the economic cries. so, there are still food shortages, fuel supplies are still low, people are dying in que

the imf says it has made progress in analyzing sri lanka's economic situation and identifying policy priorities. it is cautioning they need assurances that that sustainability will be restored. the fund also welcomed the sri lankan appointment of advisors. sri lanka wants a bailout program in place by mid june. the pakistani government is raising local fuel prices to meet a key condition set by the imf for reviewing its bailout program. that decision was made after a week of talks without any agreement. pakistan needs a $3 billion loan to keep its economy afloat and avert a default. the fund had been pushing the country to remove energy subsidies. japan is set to end a ban on overseas tourists that was introduced two years ago as part of the virus control program. beginning june 10, foreign travelers will be able to enter the country. japan will double its cap on overseas arrivals to 20,000 people led a and about international flights to land inhokaido -- to land in hokaido. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and anal

the imf says global food inflation is a major concern i will likely continue rising. they spoke with bloomberg at the world economic forum in davos. >> it's a major concern for us. looking at food exports, since the start of the war, 20 countries have put restrictions on food export. wheat, palm oil, many others. fertilizer also. so i worry about what will happen with food prices. it will probably go up more in the future than what we have seen. it's a major concern. reporter: will a domestic government come to the rescue and flatten the prices and subsidize whatever the commodity is until the brakes? how close in your country are we to a breaking point of the domestic subsidy feeding people? >> after two years of the pandemic, governments around the world do not have fiscal space to provide widespread support. this is something we are tracking closely, this question of how many countries are facing rapid increasing import prices and will likely have problems. this is one of the trackers we have. it's a major concern. reporter: how much is this a failing of the develo

sri lanka's negotiating a bailout program with the imf. ukraine's president volodymyr zelenskyy visited troops in the kharkiv region over the weekend. it was his first publicly known trip outside of the kyiv area. he handed out state awards to soldiers. green officials say more than 30% of residential buildings in kharkiv have been damaged by russian attacks. president biden has laid flowers outside a texas elementary school where an 18-year-old with an 18-year-old within assault rifle last week killed 19 children and two teachers. with gun control back on the agenda in washington, u.s. lawmakers are setting a timetable to negotiate new laws. the u.s. department of justice says it will create a critical incident review to the police response -- of the police response to the shooting. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm paul allen. this is bloomberg. haidi: the un's top human rights official is drawing criticism for her trip to china

the imf says it has made good progress. it is cautioning that any loan would need assurances that debt sustainability would be restored. sri lanka wants a bailout program in place by mid june. in pakistan, the government is raising vocal fuel prices to meet a key condition set by the imf for revising its bailout program. pakistan needs a $3 billion loan to keep its economy afloat and to avoid default. japan is set to end a ban on overseas tourists that was created two years ago as part of the virus control program. beginning june 10, foreign travelers will be able to enter the country. japan will double its cap on overseas arrivals to 20,000 people per day. and it will allow international flights to land. global news 24 hours a day on air and on bloomberg quicktake. powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. shery: broadcom has agreed to buy vmware for $61 billion as of the largest tech deals of all time. it will help broadcom rely less on ships. you broke the story a few da

this is a time when the imf has two step up, and we will. alix: that was from earlier in davos. here, we have a powerful rally underweight. the nasdaq up, the s&p up over 1.5%. abigail is tracking those moves. abigail: if it felt like a roller coaster, here is why. teachers on the s&p 500, -- futures on the s&p 500, higher, then down last week, then friday up ever so slightly, but here is the big rally, up 1.7% over the last two days, up 4% over those lows. talk of whether we could see a sustained bear market rally similar to what we saw in march when the nasdaq climbed 60%. maybe we need to get down 20% on the s&p 500, official bear market rally needed for that to happen. in states, banks having the best day back to november 2020. jp morgan leading the way. this has to do with jamie dimon raising net interest income forecast, clearly a key engine for some of these banks. also bank of america and citigroup, you can see the gains. as for whether or not the bottom has been put in, a survey with bloomberg suggests that most participants do not think so. this is the s&p 500. here's