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IMF chief sees 'exceptionally uncertain' global outlook, deteriorating debt situation
Georgieva, speaking at a G20 finance officials meeting in Bali, said Russia's intensifying war in Ukraine had increased pressure on commodity and energy prices, and global financial conditions were tightening more than expected.
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International Monetary Fund managing director Kristalina Georgieva speaks during a joint press conference at the end of the Summit on the Financing of African Economies in Paris on May 18, 2021. Georgieva on September 16, 2021, disputed an independent investigation which found that in her previous job at the World Bank, she pressed staff to alter a report to avoid angering China. The World Bank announced Thursday that it was immediately discontinuing its Doing Business report after the investigation found irregularities in the 2018 and 2020 editions. (AFP/Ludovic Marin)
IMF chief Kristalina Georgieva on Saturday warned officials from the Group of 20 major economies to take urgent action to combat inflation, warning that the "exceptionally uncertain" global economic outlook could turn worse if higher prices persisted.
Georgieva, speaking at a G20 finance officials meeting in Bali, said Russia's intensifying war in Ukraine had increased pressure on commodity and energy prices, and global financial conditions were tightening more than expected.
At the same time, pandemic-related disruptions and renewed supply chain bottlenecks continued to weigh on economic activity.
Pressure was mounting on heavily-indebted countries, and the debt situation was "deteriorating fast," she said, according to a text of her remarks, quoted by Reuters.
A two-day meeting of finance ministers from the Group of 20 major economies ended Saturday in Indonesia without a joint communique after Russia's war in Ukraine divided the global forum.
During talks on the Indonesian resort island Bali, the finance chiefs looked for solutions to food and energy crises, while accusing Russian technocrats of exacerbating the problems.
Meanwhile, over the weekend US Treasury Secretary Janet Yellen, Australian Treasurer Jim Chalmers and Canadian Finance Minister Chrystia Freeland on Friday blamed the invasion of Ukraine for sending a shockwave through the global economy.
