The heads of the International Monetary Fund and the World Bank are warning that rising interest rates are squeezing the world’s poorest countries as they struggle with the coronavirus and soaring food pricesBy PAUL WISEMAN AP Economics WriterApril 21, 2022, 1:04 AM• 3 min readWASHINGTON — The heads of the International Monetary Fund and the World Bank warned Wednesday that rising interest rates are squeezing the world’s poorest countries as they struggle with the coronavirus and soaring food prices.There is “a huge buildup of debt, especially in the poorest countries,” World Bank President David Malpass said in a press conference. “As interest rates rise, the debt pressures are mounting on developing countries, and we need to move urgently towards solutions.‘’Malpass said the “debt crisis” is a topic of extensive discussion’ at this week’s Spring meetings of the World Bank and IMF, already dominated by other daunting issues including the war in Ukraine, the coronavirus pandemic and a slowing global economy.IMF managing director Kristalina Georgieva told reporters Wednesday that 60% of low-income countries were in or near “debt distress” — an alarming threshold reached when their debt payments equal half the size of their national economies. Countries that strain to pay


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