IMF chief urges US and wealthy nations to rein in debt to ease global economic pressure
She warned that rising bond yields and high debt are forcing countries to choose between fiscal repair and support for vulnerable people.
- On Wednesday, IMF Managing Director Kristalina Georgieva urged wealthy nations to urgently address mounting global debt, warning that economic growth alone cannot resolve the more than $40 trillion in national debt.
- Rising debt levels and global inflation, worsened by high energy costs from the Iran war, pushed interest rates to multidecade highs, complicating efforts to achieve "fiscal consolidation" following heavy COVID-19 spending.
- Developing nations now pay three times more on interest repayments than wealthy nations, with nearly 10% of government spending going toward debt; the Nino phenomenon further restricts recovery opportunities.
- The UNDP announced a "Jobs for Prosperity" initiative this week, aiming to work with the World Bank and private businesses to encourage investment in tourism, healthcare, and food processing.
- With more than 1.2 billion young people entering the global workforce, forecasts suggest only 400 million new jobs will be created, prompting Alexander De Croo to emphasize creating "investible projects.
225 Articles
225 Articles
Liberia: IMF Chief Warns Global Economy's Resilience Is Reaching Its Limits
International Monetary Fund (IMF) Managing Director Kristalina Georgieva has warned that the global economy's resilience to repeated shocks is reaching its limits, urging governments to strengthen public finances, control spending, and protect vulnerable populations.
Wealthy countries’ debt could be hurting economies like India. Here’s what IMF suggests
The IMF has warned that rising debt and borrowing costs in advanced economies could squeeze government finances in poorer countries. It has also recommended tax reforms to support investment, employment and growth.
IMF chief urges U.S. and wealthy nations to rein in debt to ease global economic pressure
BANGKOK — The U.S. and other wealthy nations need to urgently tackle mounting global debt levels that are weighing most heavily on low-income countries and straining the global financial system, the head of the International Monetary Fund said Wednesday.
Public debt levels across all countries are approaching post-World War II highs and will soon exceed 100% of global GDP, said International Monetary Fund Managing Director Kristalina Georgieva
Georgieva noted that excessive budget deficits, record levels of public debt, and high debt-service costs are among the main factors affecting the...
The Director General of the International Monetary Fund (IMF), Kristalina Georgieva, warned that the strategy of US Treasury Secretary Scott Bessent to reduce public debt by accelerating economic growth is not enough and must be accompanied by concrete measures to reduce the budget deficit, reports CNBC.
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