IMF Urges G20 to Tackle Mounting Debt Crisis in Developing Economies

At the annual meetings of the International Monetary Fund (IMF) and World Bank in Washington, IMF Managing Director Kristalina Georgieva stressed the need for the Group of 20 (G20) major economies to address ongoing debt issues affecting developing nations.

Despite the lesser impact of U.S. tariffs than anticipated, Georgieva highlighted the persistent risks of a financial downturn, calling for intensified efforts to reduce debt levels, as global public debt is forecasted to exceed 100% of GDP by 2029.

Georgieva emphasized collaborative efforts with the World Bank to aid countries with liquidity challenges and pledged ongoing engagement with the G20, underscoring the necessity of debt sustainability to spur job creation and technological access in developing regions.

(With inputs from agencies.)