The International Monetary Fund (IMF) has predicted that the world is on course for the slowest economic growth in decades. As global leaders meet at the IMF, World Bank, G7 and G20 meetings, the IMF's global economic outlook report predicts a fall in growth to 2.8% this year. ALSO READ: Climate crisis threatens Africa’s development – Kagame The report highlights concerns about high debt ratios in low- and middle-income countries, pushing countries into debt and food crises as interest rates rise globally. The IMF also emphasizes the need for debt restructuring to play an important role in reducing debt. As part of the pandemic and financial crisis response, the G20 created the Common framework, a process to facilitate debt restructuring for over 70 developing countries. ALSO READ: Rwanda, IMF agree on $310m deal on climate financing Eric LeCompte, Executive Director of the religious development group Jubilee USA Network, warns that more people are facing hunger because of intertwined global crises. The IMF's Global Financial Stability report finds that rising geopolitical tensions increase risks in the financial system through the loss of capital, impacts on the banking sector, and fewer opportunities to cushion external shocks. LeCompte added that the ongoing war in Ukraine is exacerbating economic shocks and pushing the poorest countries to suffer the most. Overall, the IMF highlights the need for international cooperation and innovative solutions to address the intertwined crises of debt, hunger, and geopolitical instability.
