'Record high debt is holding back developing countries, while the effects of climate change are threatening livelihoods around the world' theSun theSundaily debt economy business inflation development IMF WorldBank
Police is parked outside the IMF building ahead of the IMF and World Bank Spring Meeting in Washington, DC on April 10, 2023. AFPPIX: The International Monetary Fund and the World Bank Group’s 2023 Spring Meetings began Monday, facing global challenges stemming from high inflation and slower economic growth.
“Three years since the pandemic started, uncertainties and risks still weigh heavily on the global economy,“ IMF Managing Director Kristalina Georgieva and World Bank Group President David Malpass said in a joint statement. “Stubborn inflation, the cost-of-living crisis, and slower growth effects all of us, but especially hurts the poor and most vulnerable,“ Anadolu Agency reported the statement added.
They said record high debt is holding back developing countries, while the effects of climate change are threatening livelihoods around the world. “On top of all this, Russia’s war in Ukraine and geopolitical fragmentation makes international coordination even more challenging,“ they added.
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