WEBVTT - Kristalina Georgieva

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<v Speaker 1>This is Bloomberg Best. Bloomberg Best is about the insight

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<v Speaker 1>seven hundred journalists and analysts in more than a hundred

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<v Speaker 1>twenty countries around the world. I'm at Baxter and don

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<v Speaker 1>to the spell Agremi on this weekend edition of Bloomberg Best.

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<v Speaker 1>We have to help the world to not get into war.

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<v Speaker 1>The managing director of the i m F, David even

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<v Speaker 1>today there are moments when I'm pinching myself, am by

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<v Speaker 1>the head of the IMF coming from where I'm coming from.

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<v Speaker 1>Crystalina Georgieva on the David Rubinstein Show. Peer to Peer Conversations.

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<v Speaker 1>If you're a president of the country in trouble, you

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<v Speaker 1>bet the coult and Gorgyeva on the i m F

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<v Speaker 1>S Mission. All this and more coming up in the

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<v Speaker 1>next hour of bird Best. All right, and you know,

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<v Speaker 1>the International Monetary Fund does a huge amount of important

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<v Speaker 1>work across the Globe right right, Denis, And some of

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<v Speaker 1>that work goes on behind the scenes. Yeah, and Bloomberg

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<v Speaker 1>David Rubinstein had a chance to go behind the scenes

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<v Speaker 1>and take a look at how it all works. And

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<v Speaker 1>that's right. Here's David in his wide ranging interview with

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<v Speaker 1>ahead of the i m F Crystalina Gorgeva. You've been

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<v Speaker 1>a senior Commissioner of the European Commission and now you're

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<v Speaker 1>the managing director of the i m F. And getting

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<v Speaker 1>these positions was it more difficult because you were a

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<v Speaker 1>woman where you're from a small country called Bulgaria. Where

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<v Speaker 1>was there more prejudice against being a woman or from Bulgaria? Well,

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<v Speaker 1>ultimately I got these jobs, so whatever the prejudice was,

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<v Speaker 1>didn't call me back. If I'm too make a call

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<v Speaker 1>on that. I would say being from a small country

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<v Speaker 1>always requires to work twice as hard others to prove

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<v Speaker 1>yourself when you're growing up in a small country and

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<v Speaker 1>then behind the Soviet curtain, iron curtain. Um, did you

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<v Speaker 1>ever think that you would wind up in these kind

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<v Speaker 1>of positions as a young girl? Did you imagine anything

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<v Speaker 1>like that? David? Even today, there are moments when I'm

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<v Speaker 1>pinching myself, Am I the head of the IMF coming

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<v Speaker 1>from where I'm coming from. So no, so many people

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<v Speaker 1>don't know honestly what the I m F and the

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<v Speaker 1>World Bank do. So can you explain what they actually

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<v Speaker 1>do and why they're different and why we need them.

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<v Speaker 1>So in the end of the Second World War, in

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<v Speaker 1>a beautiful place in New Hampshire called Breton Woods, enlightened

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<v Speaker 1>leaders came together and said, we have to help the

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<v Speaker 1>world to not get into war, and to do so,

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<v Speaker 1>we need to help the economy to perform better. And

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<v Speaker 1>they created these two sister institutions, the METH with the

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<v Speaker 1>Mandate on Financial Stability, Growth and Employment, and the World

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<v Speaker 1>Bank to invest in reconstruction of then war torn countries. Okay,

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<v Speaker 1>so your job at the I m F is to

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<v Speaker 1>take a country that, let's say has financial problems, say

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<v Speaker 1>the economy is weak, or they have other kind of crises,

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<v Speaker 1>and you can help them through that difficult time by

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<v Speaker 1>lending them money. Um. And right now you have about

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<v Speaker 1>two seventies some billion dollars outstanding um. But you actually

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<v Speaker 1>get paid it back. So the loans we provide are

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<v Speaker 1>with very attractive interest rates because it is the money

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<v Speaker 1>of our members. They extend to each other a helping

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<v Speaker 1>hand for the poorest members, which are no interest. These

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<v Speaker 1>are soft loans, much softer than the traditional IMAT loans.

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<v Speaker 1>Countries pay us back. The poorer countries have longer mature

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<v Speaker 1>the and longer time to serve their loans to us.

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<v Speaker 1>But what matters is not just the money. What matters

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<v Speaker 1>is that we work with countries to make them stronger

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<v Speaker 1>so they can repay with more ease. And that is

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<v Speaker 1>absolutely paramount for people to know about the fund. We

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<v Speaker 1>are there to help countries to have strong economic fundamentals. Now,

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<v Speaker 1>there are some people who say that sometimes when the

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<v Speaker 1>I m F has lent money in the past, let's

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<v Speaker 1>say to Argentina agrees, the terms are let's say draconian,

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<v Speaker 1>and there's a lot of um I would say revulsion

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<v Speaker 1>in those countries against the harsh I m F terms.

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<v Speaker 1>Is that still fair or those things are the days

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<v Speaker 1>of the past? What the the Of course, we learn

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<v Speaker 1>from experience, and one of the things we learned is

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<v Speaker 1>that we have to pay very close attention to the

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<v Speaker 1>impact of programs on people. Policies are for people. Macro

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<v Speaker 1>decisions have micro consequences, and we are integrating this much

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<v Speaker 1>more in the programs we do today, we think about

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<v Speaker 1>social spending. Put the floor. Don't allow education and health

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<v Speaker 1>to be so dramatically impacted that human capital of the

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<v Speaker 1>country is eroded. Let's suppose I'm the president of a

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<v Speaker 1>country and I, you know, like some extra money, and

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<v Speaker 1>can I call you up and say I'd like to

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<v Speaker 1>borrow some money? And how hard is it to get

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<v Speaker 1>the money? How long does it take? And are people

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<v Speaker 1>afraid of calling you because their own credit ratings might

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<v Speaker 1>go down if it's known that they have to borrow

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<v Speaker 1>money from the I m F. If you're a president

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<v Speaker 1>of a country in trouble, you better call because if

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<v Speaker 1>you do not have access to markets, and some developing

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<v Speaker 1>countries don't, then the only way to boost your economy

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<v Speaker 1>is to rely on the I m F, the World

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<v Speaker 1>Bank Institution like us. Because this is an exogenous shock,

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<v Speaker 1>it is truly an emergency. The way we respond is

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<v Speaker 1>different from what we do when a country isn't in

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<v Speaker 1>trouble because it mismanaged its economy. It is the fault

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<v Speaker 1>of those that have been governing at that time. What

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<v Speaker 1>we are asking countries is two questions. One, please when

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<v Speaker 1>you get the money, prioritize your health system and helping

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<v Speaker 1>the most vulnerable people and the most vulnerable part of

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<v Speaker 1>the economy. Two, show me the receipts. What did you

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<v Speaker 1>use the money for. We are advising countries to spend more,

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<v Speaker 1>but keep the receipts. We want accountability not just to us,

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<v Speaker 1>but to the taxpayers in the countries. And we have

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<v Speaker 1>advanced already financial lifelines to seventy five country is in

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<v Speaker 1>record short time. I mean in this place, when a

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<v Speaker 1>crisis knocks on the door, we turn on a dime.

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<v Speaker 1>We are the world's first respondering crisis. Now, recently you

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<v Speaker 1>have asked the g twenty two more or less have

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<v Speaker 1>a debt forgiveness situation so that some people that owe

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<v Speaker 1>you money wouldn't have to pay it back. Why did

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<v Speaker 1>you need to do that when we got hit by

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<v Speaker 1>this crisis? Four poor countries that is devastating twice as

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<v Speaker 1>much as it is for countries that are wealthier. Why

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<v Speaker 1>because one they have weak health systems, Two they have

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<v Speaker 1>very little capacity to respond on their own, and three

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<v Speaker 1>a number of them have had high that levels by

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<v Speaker 1>that time. So the economy is instand still. If dead

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<v Speaker 1>services not put in stand stills. These countries have to

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<v Speaker 1>decide do they pay doctors and nurses and safe lives

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<v Speaker 1>or serve that death. And that is bad for them,

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<v Speaker 1>but it is also bad for the rest of the world,

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<v Speaker 1>because a country in desperate situation falling to pieces turns

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<v Speaker 1>into a security threat to its neighbors and the rest

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<v Speaker 1>of the world. So we have lots of economists here. Um,

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<v Speaker 1>what are the economists here telling you about the state

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<v Speaker 1>of the economy in the world because of the pandemic?

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<v Speaker 1>Are we likely to have a kind of global recession

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<v Speaker 1>for another year or so? We have some optimism on

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<v Speaker 1>two grounds. The first one is exceptionally decisive action by

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<v Speaker 1>central banks and by finance authorities. They put the floor

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<v Speaker 1>under the world economy. We on our side have done

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<v Speaker 1>our part for the countries that have no resources on

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<v Speaker 1>their own. The second reason we are somewhat more optimistic

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<v Speaker 1>today than we were a couple of months ago is

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<v Speaker 1>that we see the world learning how to function with

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<v Speaker 1>the pandemic still with us. But make no mistake, the

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<v Speaker 1>recovery is partial and it is uneven. We are not

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<v Speaker 1>going to see in return to pre COVID conditions, and

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<v Speaker 1>we are seeing big divergence. Parts of the economy doing

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<v Speaker 1>really well and parts falling behind. And this is my

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<v Speaker 1>biggest concern, that we may come on the other side

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<v Speaker 1>of this crisis with more inequality, higher that higher deficits,

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<v Speaker 1>and a climate cry I see still hanging on us.

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<v Speaker 1>If we are strong as a world, we ought to

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<v Speaker 1>come together. A massive coordinated stimulus can make it so

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<v Speaker 1>that we have a better economy on the other side.

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<v Speaker 1>Then we head in twin So let's talk about your background. Um,

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<v Speaker 1>As I mentioned the outset, you grew up in Bulgaria.

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<v Speaker 1>Bulgaria at that time was behind the Iron Curtain, so

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<v Speaker 1>it was not a powerful country in the west, and

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<v Speaker 1>it was actually a small and I think relatively poor country.

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<v Speaker 1>It turns out you were from a prominent family, but

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<v Speaker 1>not a wealthy family. Can you tell us a little

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<v Speaker 1>bit about your background. So, yes, I was a daughter

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<v Speaker 1>of ordinary people. My my father was a road engineer.

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<v Speaker 1>My mother's it at home to look after us. Modest means,

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<v Speaker 1>very happy childhood, very loving parents. Yes, my family was prominent,

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<v Speaker 1>but I didn't know that until I was in my twenties.

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<v Speaker 1>Why because my father was concerned that if we talk

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<v Speaker 1>about the revolutionary who was my great grandfather. And the

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<v Speaker 1>fact that we can trace back our origins five centuries

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<v Speaker 1>into the past, that may not jail well with the

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<v Speaker 1>power of the prolettariat. Some when you're growing up no Bulgarian. Bulgarian,

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<v Speaker 1>let's say the fifties and sixties, did were you required

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<v Speaker 1>to learn Russian? Of course, of course engst No. I.

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<v Speaker 1>Actually my mother was a Francophe so she sent me

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<v Speaker 1>to learn French. I had some French. When Gorbachev came

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<v Speaker 1>to power in the Soviet Union and Glasses and Paris

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<v Speaker 1>Striker came to Bulgaria, I was able to apply for

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<v Speaker 1>a scholarship in the West, and in six months I

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<v Speaker 1>learned English enough to pass to win a British Council

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<v Speaker 1>scholarship to go to London School of Economics. That was

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<v Speaker 1>incredible to be on the other side of the Iron Curtain.

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<v Speaker 1>And what I found out over there, having access to information,

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<v Speaker 1>was that my country was broke. My country was so

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<v Speaker 1>much deep in debt that I couldn't imagine how it

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<v Speaker 1>is going to survive. Sure enough, two years later Bulgaria

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<v Speaker 1>the economy collapse and Bulgaria turned a page away from

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<v Speaker 1>socialism to market economy. How did you wind up in

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<v Speaker 1>the Fiji Islands. Now that is a story. So when

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<v Speaker 1>I was at London School of Economics, a professor notice

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<v Speaker 1>me as somebody who is quite professional. He then became

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<v Speaker 1>the dean of economics in the University of South Pacific

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<v Speaker 1>in Suva in Fiji. He sitting there wondering how he

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<v Speaker 1>can find highly qualified professors that are willing to work

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<v Speaker 1>for very little money, And so brilliant idea wrote to

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<v Speaker 1>this Bulgarian woman. I got the letter, the invitation to

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<v Speaker 1>go and teach. I had to virtually go to the

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<v Speaker 1>map and see where Fiji was. Getting from Bulgaria to

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<v Speaker 1>Fiji was an adventure. And so I'm lending in Fiji.

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<v Speaker 1>I handed my passport to the passport control lady. She

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<v Speaker 1>takes it, type something, looks at me and as where

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<v Speaker 1>are you from? I said, Bulgaria. She types again, looks

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<v Speaker 1>at me and says there is no such country. The

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<v Speaker 1>first Bulgarian to go to Fiji. Now the professor really

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<v Speaker 1>liked me. He offered me a job. I still remember

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<v Speaker 1>he offered me a job sixteen thousand dollars a year.

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<v Speaker 1>I had no idea of my market value at that time.

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<v Speaker 1>I was paid hundred dollars a month. But I still

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<v Speaker 1>didn't take the job. Why because it was so far,

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<v Speaker 1>so far from Bulgaria. So I went back. I got

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<v Speaker 1>a chance to go to m I T. To come

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<v Speaker 1>to the United States and the resist history. What did

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<v Speaker 1>you ever say, I'm not going back to Bulgaria. I'm

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<v Speaker 1>now in the West and I'm going to stay in

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<v Speaker 1>the West. Actually no. I came to m I T

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<v Speaker 1>with the idea to spend one year, learn as much

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<v Speaker 1>as I can and bring this knowledge back to Bulgaria.

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<v Speaker 1>I actually had a contract to write a textbook on

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<v Speaker 1>environmental economics as an outcome of this visit. But the

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<v Speaker 1>World Bank called me up. They offered me a summer job.

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<v Speaker 1>I came for the summer. The fourth day I'm in

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<v Speaker 1>this consulting job, I got a call and I got

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<v Speaker 1>an offer to stay at the bank. Why. At that time,

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<v Speaker 1>the Bank was looking for environmental economists ninety two post

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<v Speaker 1>reel Check. They were desperate for women. They were very

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<v Speaker 1>male dominated, so check, and they were opening up towards

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<v Speaker 1>the Soviet Union formased and block Russian speakers. Check. So

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<v Speaker 1>I took the job. I said, well, you know it's

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<v Speaker 1>it's this is such an opportunity to work here, and

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<v Speaker 1>then I did incredibly interesting jobs within the bank. I

0:15:55.520 --> 0:16:00.480
<v Speaker 1>raised up in the in the ranks, and one day

0:16:00.520 --> 0:16:02.840
<v Speaker 1>I got the call to go to Europe. What did

0:16:02.880 --> 0:16:05.960
<v Speaker 1>you actually do there? What was your job? I had

0:16:08.120 --> 0:16:12.480
<v Speaker 1>first the job of Humanitarian and Crisis Commissioner Commissioner and

0:16:12.640 --> 0:16:17.400
<v Speaker 1>it was an incredible experience. I had the front seat

0:16:18.240 --> 0:16:22.240
<v Speaker 1>position in all the terrible crisis that were happening at

0:16:22.280 --> 0:16:26.840
<v Speaker 1>that time, from a Highiti earthquake to the Triple disaster

0:16:26.960 --> 0:16:32.080
<v Speaker 1>in Japan to the Syrian war, and I was able

0:16:32.200 --> 0:16:36.240
<v Speaker 1>to mobilize the very best of Europe to help people

0:16:36.560 --> 0:16:41.720
<v Speaker 1>in terrible need and reformed the crisis response system of Europe.

0:16:42.720 --> 0:16:46.640
<v Speaker 1>One of my strong memories of this time, I'm in

0:16:46.760 --> 0:16:51.360
<v Speaker 1>a in a village talking to a Syrian girl who

0:16:53.000 --> 0:16:55.920
<v Speaker 1>wants to go back to school, but there is no

0:16:56.080 --> 0:17:00.280
<v Speaker 1>schooling available. And I said to her, her name was Aisha, said,

0:17:00.280 --> 0:17:02.800
<v Speaker 1>I said, I hope you would be able to go

0:17:02.960 --> 0:17:06.080
<v Speaker 1>back to school. I walked out of there and I thought,

0:17:06.680 --> 0:17:10.879
<v Speaker 1>my hoping means nothing to her. My acting would make

0:17:10.960 --> 0:17:14.879
<v Speaker 1>a difference. And then we mobilized and we scaled up

0:17:15.280 --> 0:17:21.840
<v Speaker 1>massively access to education for Syrian refugee children. So you

0:17:21.920 --> 0:17:24.200
<v Speaker 1>talked about Brenton Woods and how the I m F

0:17:24.320 --> 0:17:27.120
<v Speaker 1>and the World Bank were created in the late nineteen forties.

0:17:27.480 --> 0:17:30.840
<v Speaker 1>If you had been there, then how would you change

0:17:30.920 --> 0:17:33.120
<v Speaker 1>the structure for the I m F or the World Bank?

0:17:33.640 --> 0:17:35.680
<v Speaker 1>And might you think there could be some time in

0:17:35.720 --> 0:17:37.760
<v Speaker 1>the future when some of the structure might be changed

0:17:37.840 --> 0:17:41.280
<v Speaker 1>to make it better. But they were created very thoughtfully

0:17:41.359 --> 0:17:45.760
<v Speaker 1>with the institutions that evolve with time. The shareholding changes

0:17:45.840 --> 0:17:49.359
<v Speaker 1>as the world economy changes. What is required from us

0:17:49.840 --> 0:17:54.639
<v Speaker 1>is to relentlessly pursue this adjustment. So the I m

0:17:54.760 --> 0:18:00.520
<v Speaker 1>F in terms of its governance and the shareholding reflects

0:18:00.880 --> 0:18:04.960
<v Speaker 1>the world of today. Uh and that takes a lot

0:18:05.040 --> 0:18:09.280
<v Speaker 1>of work bringing the membership together. The IMF has done

0:18:09.359 --> 0:18:16.280
<v Speaker 1>a successful quarter adjustment. This is changing shareholding UM and

0:18:16.680 --> 0:18:21.600
<v Speaker 1>now is due to take stock again. So between now

0:18:21.680 --> 0:18:25.000
<v Speaker 1>and twenty twenty three it would be a very important

0:18:25.440 --> 0:18:28.159
<v Speaker 1>job to do. So what percentage of the people who

0:18:28.160 --> 0:18:30.840
<v Speaker 1>are under staff are they Americans or from overseas? And

0:18:31.160 --> 0:18:34.200
<v Speaker 1>what percentage or male or female? And soft worth? So

0:18:34.920 --> 0:18:42.960
<v Speaker 1>we have just about UM sevent of stuff from all

0:18:43.040 --> 0:18:48.280
<v Speaker 1>countries in the world and around twenty Americans. Logically, for

0:18:48.400 --> 0:18:51.359
<v Speaker 1>many positions we recruit locally, like for some of the

0:18:51.400 --> 0:18:59.359
<v Speaker 1>assistance coordinators for the professional pool, we recruit internationally and competitively. Uh.

0:19:00.080 --> 0:19:04.840
<v Speaker 1>Broadly speaking, we are about the same men and women.

0:19:05.840 --> 0:19:10.159
<v Speaker 1>But you wouldn't be surprised when we go up there

0:19:10.200 --> 0:19:13.760
<v Speaker 1>are more men then we head down. And this is

0:19:13.840 --> 0:19:19.360
<v Speaker 1>something that I am zeroing on um when I came directors.

0:19:19.880 --> 0:19:25.240
<v Speaker 1>This is the layer of management that has most important

0:19:25.280 --> 0:19:35.240
<v Speaker 1>operational responsibility. Were women men Now they are forty sixty

0:19:36.160 --> 0:19:42.879
<v Speaker 1>and I would drive this pipeline of talented women, not

0:19:43.320 --> 0:19:48.240
<v Speaker 1>because I am obsessed with percentages, but because diversity matters,

0:19:49.160 --> 0:19:54.760
<v Speaker 1>having different regional perspectives, having men and women working together

0:19:55.880 --> 0:20:01.720
<v Speaker 1>makes us more effective. We make better decisions as result. Historically,

0:20:01.880 --> 0:20:04.879
<v Speaker 1>the World Bank President was picked more or less by

0:20:05.000 --> 0:20:07.840
<v Speaker 1>the United States administration and President of the United States,

0:20:08.320 --> 0:20:10.200
<v Speaker 1>and the head of the IMAP was more or less

0:20:10.200 --> 0:20:13.240
<v Speaker 1>picked by Europeans. I would say, um, you foresee that

0:20:13.359 --> 0:20:15.000
<v Speaker 1>that will change or that's going to continue for the

0:20:15.080 --> 0:20:17.879
<v Speaker 1>foreseeable future. I think that there would be more and

0:20:18.040 --> 0:20:24.800
<v Speaker 1>more demand to make these positions open for competition based

0:20:24.840 --> 0:20:30.280
<v Speaker 1>on merits. And even if you take this round, yes,

0:20:30.400 --> 0:20:36.600
<v Speaker 1>I'm a European. Europe aligned to nominate me, But I'm

0:20:36.640 --> 0:20:40.000
<v Speaker 1>a European from a country that in the mid nineties

0:20:40.359 --> 0:20:45.000
<v Speaker 1>benefited from an IMF program. I do belong to emerging markets,

0:20:45.080 --> 0:20:48.960
<v Speaker 1>and emerging markets were very loud in supporting me for

0:20:49.119 --> 0:20:55.280
<v Speaker 1>that reason. So I want to see that process to continue. Why.

0:20:55.520 --> 0:21:02.560
<v Speaker 1>Because institutions are much stronger when the whole world believes

0:21:03.320 --> 0:21:06.600
<v Speaker 1>they belong to all of us. Now China has become

0:21:06.640 --> 0:21:09.160
<v Speaker 1>a major economic power, I guess the second largest economy

0:21:09.160 --> 0:21:11.600
<v Speaker 1>in the world. Does China have the influence in the

0:21:11.680 --> 0:21:14.800
<v Speaker 1>i m F the World Bank proportionate to which overall

0:21:14.840 --> 0:21:18.119
<v Speaker 1>global economy? Now what they have, they have increased their

0:21:18.160 --> 0:21:24.240
<v Speaker 1>shareholding in both institutions. They have been also very active

0:21:24.480 --> 0:21:29.119
<v Speaker 1>in supporting the institutions. In the case of the I

0:21:29.359 --> 0:21:34.760
<v Speaker 1>m F, China, the US, the rest of the world

0:21:35.480 --> 0:21:40.320
<v Speaker 1>in this crisis stepped up significantly support for US to

0:21:40.440 --> 0:21:45.520
<v Speaker 1>be able to extend concessional lending. And I see the

0:21:46.440 --> 0:21:53.680
<v Speaker 1>engagement of China as as constructive. That is so very

0:21:53.760 --> 0:21:57.919
<v Speaker 1>important when we are in the midst of the worst

0:21:57.960 --> 0:22:00.879
<v Speaker 1>crisis we have had since the Second World or so.

0:22:01.040 --> 0:22:04.280
<v Speaker 1>The i m F stands for the International Monetary Fund.

0:22:04.680 --> 0:22:06.399
<v Speaker 1>Have you ever thought of changing it to say it

0:22:06.520 --> 0:22:11.360
<v Speaker 1>stands for I am fair, I am friendly that most

0:22:11.400 --> 0:22:14.680
<v Speaker 1>people here in the funds say it stands for it

0:22:14.960 --> 0:22:21.480
<v Speaker 1>is mostly fiscal, but I much prefer the definition you give,

0:22:21.560 --> 0:22:25.520
<v Speaker 1>and actually this is what I would relentlessly work for.

0:22:26.240 --> 0:22:32.200
<v Speaker 1>We at the fund to always think of the people

0:22:33.320 --> 0:22:38.080
<v Speaker 1>whose lives are impacted by the policies we recommend. Um.

0:22:38.160 --> 0:22:40.920
<v Speaker 1>You're the most prominent person in the West from Bulgaria

0:22:40.920 --> 0:22:42.600
<v Speaker 1>as far as I know. Maybe there's somebody else, but

0:22:42.640 --> 0:22:45.080
<v Speaker 1>I can't think of anybody else, So I assume you

0:22:45.119 --> 0:22:47.240
<v Speaker 1>could go back to Bulgaria whenever you wanted to and

0:22:47.400 --> 0:22:50.040
<v Speaker 1>run for president of Bulgaria. I don't know if that's

0:22:50.040 --> 0:22:51.600
<v Speaker 1>a better job than the one you currently have, but

0:22:51.640 --> 0:22:54.200
<v Speaker 1>you ever thought of running for office in Bulgaria or

0:22:54.240 --> 0:22:58.080
<v Speaker 1>you're quite happy where you are. I always take the

0:22:58.320 --> 0:23:05.000
<v Speaker 1>job I have as what takes my full concentration. I

0:23:05.200 --> 0:23:08.879
<v Speaker 1>poured my heart in it. I never ever think of

0:23:09.440 --> 0:23:13.760
<v Speaker 1>what next. So as long as I'm the head of

0:23:13.800 --> 0:23:17.080
<v Speaker 1>the I m F, it is I d I m

0:23:17.200 --> 0:23:21.639
<v Speaker 1>F and the membership that has my complete medication, And

0:23:21.720 --> 0:23:24.119
<v Speaker 1>that was Crystallina Georgieva, head of the I m f

0:23:24.240 --> 0:23:28.280
<v Speaker 1>on the David Ribbonstein Show Peer to Peer Conversations, and

0:23:28.400 --> 0:23:30.879
<v Speaker 1>that's it for this hour of Bloomberg Best. I'm at

0:23:30.960 --> 0:23:34.680
<v Speaker 1>Baxter and I'm Denise Pellogreni, and this is Bloomberg