International Monetary Fund Managing Director Kristalina Georgieva today urged G20 officials to take immediate action to tackle inflation, warning that the “extremely uncertain” global economic outlook could worsen if the high inflation persists.
Speaking at the G20 finance ministers’ conference in Indonesia, K. Georgieva said that the escalation of Russian military operations in Ukraine has increased pressure on commodity and energy prices, while global economic conditions are becoming more difficult, regarding with the predictions.
The pressures faced by countries with a large external debt are even greater, while the external debt management situation is “deteriorating rapidly,” she underlined, while she described the financial crisis in Sri Lanka as a “warning sign”.
He said at the same time that G20 members pledged to provide about 10.5 billion dollars to the IMF program for poverty reduction and development, an amount that corresponds to about 3/4 of the required amount.
She also expressed her optimism that soon there will be new commitments to provide aid to the poorest countries.
Source: Capital
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