In a remarks made at the Spring Meetings of the World Bank and IMF in Washington, D.C., Tobias Andrian—the Financial Counsellor & Director for Monetary and Capital Markets within the International Monetary Fund (IMF), urged that concrete steps should be made by emerging economies that will make the financial stability process operate faster, and in a more transparent way this year.
Andrian's remarks were part of the 2023 Global Financial Stability Report. The report indicates that global economic growth might be on the decline, which could spell trouble for some countries in years to come.
“What we’re looking for is concrete steps by emerging economies that will make the process operate faster, and in a more transparent way. And something that debtor countries can look at and understand more clearly on how long things will take.
“Developing countries may face mounting debt and insufficient international support, risking another lost decade”.
He noted further, “the banking crisis highlights long-neglected financial fragilities and regulatory weaknesses.
“Declining energy costs lead to lower inflation, but elevated food prices maintains a high cost of living in many developing countries.
“Growing global asymmetries threaten developing countries’ resilience, requiring stronger multilateral action and an urgent focus on sovereign debt architecture”.
He argued that a record number of developing nations are at risk of experiencing inflation and debt crises, with ballooning borrowing costs for many countries driving up the amount they must repay on loans or raise fresh money.
