Rich Nations Must Cut Debt as Global Shocks Push up Borrowing Costs, IMF Chief Tells BBC
Kristalina Georgieva said governments must prioritize fiscal consolidation as UK borrowing hit £18.3 billion in August, nearly a fifth above a year earlier.
- On the sidelines of the United Nations General Assembly, International Monetary Fund head Kristalina Georgieva warned advanced economies to cut borrowing and reduce debt levels following weeks of spiralling government interest costs.
- Wars disrupting oil supplies have fuelled inflation, pushing debt levels up globally while governments have taken "no action to contain that service cost," Georgieva said.
- Latest figures show borrowing reached £18.3bn in August, almost a fifth higher than the year before, while the world's largest economy has seen its debt pile surpass $40tn.
- Advanced economies "don't have the cash" to boost growth and must rely on reforms, Georgieva said, emphasizing that "courage" was needed by politicians to take necessary steps.
- Prime Minister Andy Burnham faces mounting pressure ahead of his first Budget next month, with speculation building over potential tax and spending policies to address borrowing costs.
21 Articles
21 Articles
(London=Yonhap News) Correspondent Kim Ji-yeon = International Monetary Fund (IMF) Managing Director Kristalina Georgieva called on major developed nations, including the U.S. and the U.K., to reduce public debt...
The head of the International Monetary Fund (IMF) sent a strong message to developed economies - including the US and Britain - calling on governments to limit borrowing and reduce debt levels. In an exclusive interview with the BBC, Kristalina Georgieva warned that successive economic turmoil has raised debt levels "like a staircase that does not lead to heaven", while, as she argued, governments have not yet taken sufficient measures to limit …
The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, made a resounding intervention on the course of the global economy, sending a clear message to the world’s strongest economies — with the US and Britain in the lead — to immediately proceed with a drastic reduction in borrowing and public debt. On the sidelines of the United Nations General Assembly […] The article Georgieva on the US and Britain: You are on th…
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