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New mechanisms needed for debt stress as poor countries hit by surging prices -IMF

Sharply higher global food and energy prices due to the war in Ukraine are hitting poor countries, and better mechanisms for dealing with sovereign debt stress will be needed to stave off defaults, the IMF said on Monday. “The war in Ukraine is adding risks to unprecedented levels of public borrowing while the pandemic is still straining many government budgets,” Vitor Gaspar, director of the International Monetary Fund’s fiscal affairs department, and Ceyla Pazarbasioglu, the IMF’s strategy chief, wrote in a new blog. “With sovereign debt risks elevated and financial constraints back at the center of policy concerns, a global cooperative approach is necessary to reach an orderly resolution of debt problems and prevent unnecessary defaults.”

*Turkey Feb Retail Sales Up 0.5% M-o-M Vs. -1.2% In January

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