IMF Managing Director Kristalina Georgieva is pushing China and other Group of 20 economies to speed up debt relief for a growing number of heavily indebted countries, warning that failure to do so could unleash a damaging"downward spiral."
Georgieva said she spoke with Indonesian President Joko Widodo, who holds the rotating presidency of the G20 this year, during last month's Group of Seven meeting in Germany and urged him to push for greater unity on debt before the G20 leaders summit in November. Georgieva said almost a third of emerging market countries and twice that proportion of low-income countries were in debt distress, with the situation worsening as advanced economies raised interest rates.
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