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
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