‘There is no magic’: IMF says U.S. and other nations must ‘go in a direction of tightening’ global debt as economic growth can’t ‘deliver fast enough’

The U.S. and other wealthy nations need to urgently tackle mounting global debt levels that are weighing most heavily on low-income countries and straining the global financial system, the head of the International Monetary Fund said Wednesday. IMF Managing Director Kristalina Georgieva said Treasury Secretary Scott Bessent and other U.S. leaders recognize that the federal deficit and national debt are too high. But economic growth alone would not be enough to address the country’s more than $40 trillion in national debt, she said.

Source: Fortune Crypto