The Latest Breaking News from GITA GOPINATH

A growing world food crisis is precipitating protectionist moves by countries which are likely to compound the problem and could lead to a wider trade war, business leaders and policymakers at the World Economic Forum said.

While the world economy faces headwinds, current growth forecasts offer a buffer against a potential global recession, the International Monetary Fund's No. 2 official said Monday.

It will take $15 billion in grants this year and another $10 billion annually after that to establish and maintain an adequate toolkit to respond to COVID-19 and address future pandemic threats, according to four organizations focused on global health and the economy.

IMF's first deputy MD Gita Gopinath warned that the Western sanctions on Russia could create small currency blocs based on trade between separate groups of countries, the Financial Times reports. All of which could gradually dilute the dominance of the U.S. dollar leading to a more fragmented international monetary system. Gopinath…