'We urgently need faster and more efficient global mechanisms for providing debt treatments,' says the International Monetary Fund's Kristalina Georgieva at the Boao Forum for Asia.
The IMF chief said such assistance would be particularly important against the backdrop of high interest rates and currency depreciation.
“We urgently need faster and more efficient global mechanisms for providing debt treatments to these countries,” Georgieva said at the Boao Forum for Asia, adding that such mechanisms would significantly benefit both debtors and creditors.
Georgieva also said countries need to work together to reinvigorate international trade in an equitable way for more people to benefit from globalization, and diversify supply chains based on economic logic.could be as high as 7% of global gross domestic product, and Asia as a highly integrated region would be the most adversely affected by runaway fragmentation.
Governments also need to protect vulnerable people in their own countries who have been especially hit hard in the past three years, Georgieva said, referring to the impact of the COVID-19 pandemic.to those most in need or those most affected by food insecurity or the cost-of-living crisis.”
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