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IMF dials up calls for urgent fiscal consolidation
BANGKOK: The International Monetary Fund on Wednesday issued an urgent call for advanced economies and others to reduce government spending, cut deficits and lower debt levels, warning that delays would only make the job harder in coming years. Rodrigo Valdes, head of the IMF’s Fiscal Affairs department, said rising sovereign bond yields were adding to fiscal pressures at a time when average public debt was poised to hit 100% of gross domestic product, the highest seen since World War Two, leaving countries with less margin for delay. “We’re saying now it’s urgent and it’s now because basicall...
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