IMF and World Bank Meeting Ends Without New Decisions

The International Monetary Fund and World Bank's annual meeting concluded without the announcement of new measures for developing countries. The main topics of discussion were the wars in the Middle East and Ukraine, more expensive debt, and the risk of artificial intelligence further widening the economic gap between countries.

Governments of developing countries spend an average of 14% of their revenues on debt payments, twice the figure from ten years ago. As a result, less money remains for education and healthcare. According to IMF chief Kristalina Georgieva, the volume of debt in these countries has decreased, but borrowing on international markets has become more expensive.

At the end of the meeting, countries were once again advised to reduce budget deficits, continue economic reforms, and increase private investment. However, no concrete plan was presented to mitigate the potential economic consequences of artificial intelligence.

According to World Bank data, economic growth in developing countries slowed from 4.4% to approximately 3.6%, despite the fact that the global economy avoided a recession.

Source: Reuters