Vera Songwe & Moritz Kraemer
Today’s global economic turmoil is not just about trade. As G20 finance ministers gather in Washington this week during the annual spring meetings of the International Monetary Fund and World Bank, IMF Managing Director Kristalina Georgieva has warned that growing economic uncertainty and financial market stress pose serious threats to developing countries.
The danger is particularly acute for highly indebted economies, which are now facing weaker growth prospects and reduced financial support from the United States and other donor countries. In February, the IMF estimated that nearly half of the lowest-income countries were at risk of debt distress, at which point they may no longer be able to meet their…
