IMF chief sees ‘exceptionally uncertain’ global outlook, deteriorating debt situation

IMF chief Kristalina Georgieva on Saturday warned officials from the Group of 20 major economies to take urgent action to combat inflation, warning that the “exceptionally uncertain” global economic outlook could turn worse if higher prices persisted.

Georgieva, speaking at a G20 finance officials meeting in Indonesia, said Russia’s intensifying war in Ukraine had increased pressure on commodity and energy prices, and global financial conditions were tightening more than expected.

At the same time, pandemic-related disruptions and renewed supply chain bottlenecks continued to weigh on economic activity.

Pressure was mounting on heavily-indebted countries, and the debt situation was “deteriorating fast,” she said, according to a text of her remarks.