IMF chief urges countries with high dollar-denominated debt to ‘act now’

International Monetary Fund Managing Director Kristalina Georgieva urged nations with high levels of dollar-denominated debt to try to extend their maturities now to get in front of the turbulence that could come once the Federal Reserve begins to tighten monetary policy. Picture: BLOOMBERG

Georgieva said that her worry is highest for low-income countries because 60% are in debt distress or in danger of debt distress. She predicted a more difficult year ahead for policymakers based on the differences between countries and the nuance of the solutions required, and that 2022 will be like “navigating an obstacle course.”

“We have to be careful how we also support those that without international support are going to be in deep, deep trouble,” she added. Georgieva warned that the global economic recovery is losing momentum. The IMF is set to release an update of its World Economic Outlook on January 25.

Watch this space. SA is gradually increasing its Dollar debt through the IMF

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Nonki_M Currency issuers have a 'zero default risk'. Some factors that are helping mitigate against SA defaulting on its debt are; debt service costs are subtracted from budget before allocating revenue significant portion (+-90%) of SA debt is Rand-denominated.

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