IMF chief calls on rich nations to curb debt burdens
The IMF's managing director urged wealthy countries to act quickly on rising global debt, which hits low-income nations hardest. The fund also said the world economy is doing better than expected, though growth remains uneven.
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What happened
The head of the International Monetary Fund (IMF) said the United States and other wealthy nations must urgently address mounting global debt, which weighs most heavily on low-income countries. The IMF also warned that dwindling emergency oil stocks, rising debt, government budget deficits and geopolitical tensions could test the global economy's resilience. Even so, the IMF said the world economy is performing better than expected, though growth is uneven.
Why it matters
The IMF says heavy debt is putting pressure on low-income countries most of all. Its warnings suggest the global economy may soon face a stern test of its resilience.
Timeline
- Oct 14, 4:11 AM ET: The International Monetary Fund warned that the global economy may soon face a stern test of its resilience.
- Oct 14, 4:45 AM ET: The IMF chief urged the United States and other wealthy nations to rein in debt and ease global economic pressure.
- Oct 14, 3:32 PM ET: The IMF said the world economy is doing better than expected, while policymakers in Bangkok discussed why some countries are falling further behind.
Coverage
- The global economy is muddling through against the odds. But a storm is coming (The Guardian)
- IMF sees uneven growth (DW)
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