Today’s global economic turmoil is not just about trade. International Monetary Fund (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 debt obligations. That number is expected to rise as conditions continue to deteriorate.
Compounding the crisis, the world’s poorest…
