IMF Faces Calls to Enhance Support for Debt-Ridden Nations

U.S. Treasury Secretary Scott Bessent acknowledged the critical roles of the International Monetary Fund (IMF) and World Bank, while urging reforms and highlighting that both institutions are currently falling short of their core missions. The IMF has warned that rising tariffs and global geopolitical tensions may drive government debt to historic highs, urging policymakers to adopt targeted, temporary fiscal support and to focus on sustainable debt management. IMF Managing Director Kristalina Georgieva called for the fund to take a more active role in global debt restructuring, particularly for low- and middle-income countries, and announced a new playbook to assist nations facing heavy debt burdens. African leaders and the IMF agreed on the need for macroeconomic and financial stability, with an emphasis on fiscal sustainability, revenue enhancement, and spending efficiency. Additionally, calls have been made for the IMF and World Bank to support economic revival and debt clearance efforts in countries like Zimbabwe, recognizing the broader regional impact. These developments reflect a consensus on the need for institutional reform, enhanced technical assistance, and collaborative action to address mounting global debt challenges.