IMF Urges Nations to Cut Spending
The IMF called on advanced economies to urgently reduce spending and lower debt. Rising sovereign bond yields and worsening fiscal results drive the need for immediate action.
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The International Monetary Fund urged advanced economies on Wednesday to slash spending and reduce deficits as global public debt heads toward 100% of GDP. Average public debt is approaching its highest level since World War II, putting severe strain on state budgets. Rising sovereign bond yields and inflationary pressures have created an urgent need for fiscal consolidation, officials said.
