Question to the HM Treasury:

To ask Her Majesty's Government when they will meet with the International Monetary Fund to discuss cost of living matters (1) in the UK, and (2) across the world.

HMG is in regular communication with international and domestic stakeholders, including the IMF, regarding the state of the UK and global economies. HMG and the IMF engage in regular formal macroeconomic surveillance of the UK economy through Article IV consultations. The most recent Article IV mission to the UK took place in December 2021, with the results published in February 2022. The next formal consultation will be scheduled in due course.

The Chancellor made a statement in the House of Commons on 26th May providing £15bn to support families with the cost of living. Combined with already announced plans, support HMG has provided for cost of living pressures in the UK totals £37bn or 1.5% of GDP.

Most recently, the Chancellor attended the G7 Finance Ministers and Central Bank Governors meetings in Bonn on 19th-20th May, discussing the global challenge of inflation with other G7 members and international organisations, including the IMF. Global economic coordination will continue this year, including through further G7 and G20 meetings with the IMF in attendance.

The UK continues to play a leading role in supporting vulnerable countries, including through its commitments at the IMF where the UK has pledged SDR 5bn to the Poverty Reduction and Growth Trust; which provides zero interest loans to low-income countries in need.