The World Bank and IMF's spring meetings get underway later this week with an ambitious reform and fundraising agenda likely to be overshadowed by concerns over high inflation, rising geopolitical tension and financial stability. ManilaBulletin
"Growth remains historically weak -— now and in the medium term," IMF managing director Kristalina Georgieva said during a speech last week.
Low-income countries are expected to suffer a double shock from higher borrowing costs and a decline in demand for their exports, which Georgieva said could fuel poverty and hunger to increase. "We don't envisage, at this point, central banks stepping back from fighting inflation," she said during an interview on Thursday.
Many low-income countries are now facing mounting debt burdens due in part to the higher interest-rate environment.The spring meeting also provides an opportunity to make progress on an ambitious US-backed agenda to reform the World Bank so it is better-prepared to tackle long-term issues like climate change.
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