IMF chief says poorer countries need help with debt, inflation and war shocks

Share of revenue low-income countries spend on debt

8-14 %

As the IMF's annual meetings in Bangkok closed, Managing Director Kristalina Georgieva said low-income countries now spend 8 to 14 per cent of their revenue on debt repayments, up from previous years.

“Inflation is like a tax on the poor.”

— Kristalina Georgieva, IMF managing director

Energy prices have soared since the war on Iran began in February, hitting low-income, oil-importing countries hardest. The IMF expects world inflation of 4.7 per cent this year and 4.1 per cent in 2027.

And us?

The IMF says average 10-year government bond yields in the G7, Canada included, rose more than one percentage point between February and September, to their highest in nearly two decades.

What's next

Georgieva said the IMF will back Iraq's requested loan program “very firmly” and is making significant progress in talks with Lebanon.