IMF Chief Warns of Debt Crisis as Higher Rates Follow Covid, War

International Monetary Fund Managing Director Kristalina Georgieva warned of a global debt crisis in the making as central banks raise interest rates to curb inflation, increasing debt-servicing costs for vulnerable nations.

“What we see now is a crisis upon a crisis, and possibly a third shock of tightening of financial conditions to come after the pandemic and on top of the war” in Ukraine, Georgieva said at an event hosted by Devex in Washington Tuesday.