IMF and World Bank Meetings Focus on Global Debt Crisis

As global debt approaches $100 trillion, leaders gather in Washington to address economic challenges and reform strategies.

The International Monetary Fund (IMF) and World Bank's annual meetings in Washington are addressing the pressing issue of global debt, which is nearing $100 trillion.
IMF Managing Director Kristalina Georgieva emphasizes the need for fiscal discipline to manage the combination of low growth and high debt.
The World Bank's Ajay Banga highlights the urgent need for debt relief in the world's poorest countries, which are struggling with high interest payments.
Finance ministers from major economies face criticism for rising public debts, with the IMF warning of significant fiscal adjustments needed to stabilize these levels.
Reform discussions at the meetings include strategies for poverty reduction and economic development, amid stalled progress due to the pandemic and global conflicts.