IMF Chief Urges the US and Other Wealthy Nations to Rein in Debt to Ease Global Economic Pressure
She said growth alone will not reduce deficits fast enough as multidecade-high interest rates and debt payments squeeze poorer nations.
- 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.
15 Articles
15 Articles
IMF head urges US and rich nations to rein in deficits as global debt soars
The head of the International Monetary Fund said on Wednesday that the US and other wealthy nations needed to urgently tackle mounting global debt levels that were weighing heaviest on low-income countries and straining the global financial system. IMF Managing Director Kristalina Georgieva said that while US Treasury Secretary Scott Bessent and other US leaders recognised that the federal deficit and national debt had grown too high, just tryin…
IMF chief urges the US and other wealthy nations to rein in debt to ea
BANGKOK (AP) — The head of the International Monetary Fund said Wednesday that the U.S. and other wealthy nations need to urgently tackle mounting global debt levels that are weighing heaviest on low-income countries and straining the global financial system. IMF Managing Director Kristalina Georgieva said that while U.S. Treasury Secretary Scott Bessent and other U.S. leaders recognize that the federal deficit and national debt have grown too h…
The Toronto Star
IMF chief urges the US and other wealthy nations to rein in debt to ease global economic pressure
BANGKOK (AP) — The head of the International Monetary Fund said Wednesday that the U.S. and other wealthy nations need to urgently tackle mounting global debt levels that are weighing
IMF Chief Urges U.S., Rich Nations to Cut Debt, Ease Strains
NewsFinale NewsFinale Journal BANGKOK – International Monetary Fund Managing Director Kristalina Georgieva warned Wednesday that the United States and other wealthy countries must urgently address rising debt, which is placing the greatest pressure on low-income nations and increasing strain across the global financial system. Georgieva said U.S. Treasury Secretary Scott Bessent and other American officials understand that the […]
Bangkok: The head of the International Monetary Fund (IMF) said on Wednesday that the recent attacks on Saudi Arabia could have a global impact on people "everywhere" in the oil-rich region, which is plagued by numerous conflicts, due to rising energy costs. "The Saudi Arabian economy is important to the region and to the world, and in that sense, these events could have negative ripple effects on all people, everywhere," said Kristalina Georgie…
Coverage Details
Bias Distribution
- 55% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
