IMFC calls for faster support to countries facing financing gaps
The IMF steering committee called for faster financial support to countries with sustainable debt that face short-term funding gaps, according to its October 17 chair's statement from Bangkok.
The call carries conditions. Countries should have strong reform and growth plans, the International Monetary and Financial Committee said, urging faster implementation of the joint IMF and World Bank approach.
Members warned that escalating conflicts and trade tensions could disrupt shipping routes, increase energy costs and worsen food insecurity. Higher sovereign bond yields could compound the pressure on heavily indebted countries that need to refinance.
The committee also sought more predictable debt restructurings and greater disclosure from creditors, including private lenders. The statement approves no particular loan and gives no new funding total.
Photograph: IMF headquarters, by ajay_suresh, Wikimedia Commons, CC BY 2.0. Cropped from the June 21, 2024 photograph.