Speaking at the G20 Leaders’ Summit in Johannesburg, South Africa, on Sunday, Managing Director Kristalina Georgieva of the International Monetary Fund (IMF) warned that the world’s poorest economies are under intense pressure to deliver faster and more predictable debt restructurings. Although the global economy has demonstrated resilience to a number of shocks, such as trade tensions and ongoing uncertainty, it is still “worse than we need” because of weak growth and abnormally high debt.She called the October Declaration on Debt “a clear road map for the future” and commended South Africa’s G20 chair for its advancement. Resilience emerged as the Johannesburg summit’s uniting theme, according to Georgieva, amid “sweeping policy shifts and deep transformations.” She pointed out that in order to unlock private-sector growth, nations must fortify institutions, reinstate policy buffers, and pursue structural reforms.
About The Author
