12/5/2021- 10:21 p.m.
IMF urges world’s richest countries to save poorest
The IMF warned that 60% of the world’s poorest nations are at high risk of, or already in, debt distress, double the share in 2015.
“Low-income countries will find it increasingly difficult to service their debts,” as the G20’s debt service suspension initiative is expiring at the end of the year and interest rates are poised to rise, IMF Managing Director Kristalina Georgieva and the head of the strategy, policy, and review department, Ceyla Pazarbasioglu, said in a blog post on Thursday.
They added: “We may see economic collapse in some countries unless G20 creditors agree to accelerate debt restructurings and suspend debt service while the restructurings are being negotiated.”
