IMF urges rich nations to reduce debt

IMF chief Kristalina Georgieva warned that advanced economies, including the UK and US, need to reduce debt levels amid rising borrowing costs driven by global shocks and inflation. She emphasized the urgency for governments to take politically tough but necessary fiscal actions to contain debt service costs. The UK and US face high interest expenses, with UK borrowing reaching its highest August level since records began and US debt exceeding $40 trillion. Georgieva also highlighted risks from AI development potentially impacting financial stability.

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