Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

 IMF   Warns of  Slackening  in Addressing Global Debt Problems

Mon 11 Jul 2022 | 07:52 PM
Ahmed Moamar

International Monetary Fund (IMF) Managing- Director Kristalina Georgieva urged China and other G20 economies to accelerate debt relief for a growing number of heavily indebted countries.

She warns that failure to do so could cause a devastating "downward spiral".

Georgieva told "Reuters" news agency, that it is important to move the so-called "common framework" approved by the Group of Twenty (G20) and the Paris Club of official creditors in October 2020, which is largely suspended for debt treatment.

This framework has failed to achieve a single result so far. "This is an issue we cannot be complacent about," she added.

Georgieva said she spoke with Indonesian President Joko Widodo, who holds the rotating G20 presidency this year, during last month's G7 meeting in Germany and urged him to push for more unity on debt ahead of the G20 summit in November.