Debt buildup in poor countries is a central discussion topic (AP) at this week’s Spring Meetings of the International Monetary Fund (IMF) and World Bank in Washington, World Bank President David Malpass said. He called for action to prevent debt crises in poor countries as the war in Ukraine disrupts food shipments and exacerbates inflation.
Sixty percent of low-income countries are suffering or close to suffering debt distress, IMF Managing Director Kristalina Georgieva said. The IMF predicts consumer prices will rise 8.7 percent in emerging-market countries and 5.7 percent in advanced economies this year, the most since 1984. Bloomberg calculated that countries including El Salvador, Ethiopia, Pakistan, Sri Lanka, and Tunisia are particularly at risk of default. |