IMF: Stronger Countries Should Assist Debt-Burdened Nations

International Monetary Fund (IMF) Managing Director Kristalina Georgieva called on Thursday for relatively stronger nations to assist weaker countries, particularly those burdened by debt. Georgieva emphasized that "such assistance is especially important in light of rising interest rates and declining currency values." During the Boao Asia Forum, she pointed out the "urgent need for faster and more efficient global mechanisms to address the debt issues of these nations," adding that such mechanisms would greatly benefit both debtors and creditors. She continued, "Success will eliminate one of the sources of uncertainty surrounding the global outlook." The Boao Forum, regarded as the Asian counterpart to the annual World Economic Forum held in Davos, Switzerland, is taking place at the HaiNan Island resort in southern China until Friday.