IMF members have focused on addressing debt challenges in low-income countries

Participants at the International Monetary Fund (IMF) agreed this week on the importance of addressing the challenges facing low-income countries, many of which are facing unsustainable debt loads, IMF Managing Director Kristalina said on Friday Georgieva.

Georgieva and Saudi Arabia’s Finance Minister Mohammmed Al-Jadaan, who chairs the Fund’s steering committee, said the reforms adopted by the IMF this week aim to make the debt restructuring process quicker and smoother.

Countries in sub-Saharan Africa, for example, now face debt service payments averaging 12%, up from 5% a decade ago, Georgieva said at a news conference.

Source: Terra

Rose

Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.