IMF Commits to Engaging Member-Countries to Tackle Global Imbalances
.Says public debt at about 100% of GDP worldwide set to climb further .Raises concerns over surge in global interest rates .Urges central banks to focus on price stability mandate,
The International Monetary Fund (IMF) has reaffirmed its commitment to working with member-countries to tackle global imbalances. IMF Managing Director Kristalina Georgieva addressed this during the conclusion of the G20 Finance Ministers and Central Bank Governors’ Meeting in the United States of America. Georgieva highlighted that public debt, which is at nearly 100% of global GDP, is set to rise further, raising concerns over the surge in global interest rates.
She stressed the importance of lifting potential growth everywhere and emphasized that structural reforms along with sound fiscal and monetary policies are crucial to creating a foundation for stronger and more balanced global growth. Georgieva also noted that while the global economy absorbed the impact of the energy supply shock better than expected, significant divergences in economic fortunes remain, and risks to the outlook are still high.
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