The heads of the International Monetary Fund and the World Bank warned on Wednesday that rising interest rates are squeezing the world’s poorest countries as they struggle with the coronavirus and soaring food prices. Al Jazeera quotes IMF Managing Director Kristalina Georgieva as telling reporters Wednesday that 60 percent of low-income countries were in or near “debt distress” — an alarming threshold reached when their debt payments equal half the size of their national economies. She urged the world’s central banks to move carefully when it comes to increasing rates and stay “mindful of the spillover risks to vulnerable emerging and developing economies”.
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