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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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International Monetary warns of economic collapse

rocky
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International Monetary warns of economic collapse Empty International Monetary warns of economic collapse

Post by rocky Fri 03 Dec 2021, 5:32 am

International Monetary warns of economic collapse

  •  Time: 03/12/2021 10:17:41
     
  •  Reading: 1,378 times

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{Economic: Al Furat News} International Monetary Fund Director Kristalina Georgieva warned Thursday that poor countries may face economic collapse unless the world's richest countries agree to intensify efforts to relieve debt burdens.
About 60 percent of low-income countries are already debt-burdened or at high risk, compared to less than half in 2015.
Georgieva and Bazar Bashioglu warned that "challenges are escalating for many of these countries," and said, "We may witness an economic collapse in some countries unless the G20 creditors agree to accelerate debt restructuring and suspend debt service while negotiating the restructuring."
The Group of 20 major economies launched the Debt Service Suspension Initiative in Spring 2020, which aims to temporarily freeze payments for low-income countries, many of which already faced heavy debt burdens prior to the outbreak of the COVID-19 pandemic. However, this initiative will expire by the end of the year.
Very slow progress has been marred by another G-20 plan, the Common Debt Management Framework, which aims to reduce the overall debt burden of poor countries.
“Recent experiences of Chad, Ethiopia and Zambia show that the joint framework for debt management must be improved beyond the debt service suspension initiative,” Georgieva and Bazar Bashioglu wrote, acknowledging that the joint framework has yet to deliver on its promises.
The reasons for this were many, as coordination between the Paris Club and other creditors as well as various government institutions and agencies within the creditor countries slowed down the decision-making process.
"It is also critical that private creditors implement debt relief on similar terms," ​​Georgieva and Pazar Bashioglu wrote.
"There is no doubt that 2022 will be more difficult as monetary tightening looms globally," they added.


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