{"id":10036,"date":"2021-12-03T15:43:55","date_gmt":"2021-12-03T15:43:55","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=10036"},"modified":"2021-12-03T15:22:03","modified_gmt":"2021-12-03T15:22:03","slug":"imf-warns-of-economic-collapse-in-poor-nations-mozambique-included-without-debt-fix","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/imf-warns-of-economic-collapse-in-poor-nations-mozambique-included-without-debt-fix","title":{"rendered":"IMF warns of \u2018economic collapse\u2019 in poor nations, Mozambique included, without debt fix"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>The International Monetary Fund warned of \u201ceconomic collapse\u201d in some low-income countries unless creditors in the world\u2019s richest nations suspend debt-service obligations and help renegotiate new terms.<\/p>\n

About 60% of the world\u2019s poorest countries are at high risk or are already in debt distress, double the share in 2015, IMF Managing Director Kristalina Georgieva and Ceyla Pazarbasioglu, head of the fund\u2019s strategy, policy, and review department, said in a blog post Thursday.<\/p>\n

With the Group of 20\u2019s debt-service suspension initiative expiring at the end of the year and interest rates poised to rise, \u201clow-income countries will find it increasingly difficult to service their debts,\u201d the IMF officials said. \u201cWe may see economic collapse in some countries unless G-20 creditors agree to accelerate debt restructurings and suspend debt service while the restructurings are being negotiated.\u201d<\/p>\n

Covid-19 has dealt a major blow to world\u2019s poorest countries, causing a recession that could push more than 100 million people into extreme poverty, according to the World Bank. The challenges are mounting with the discovery of the omicron variant, which is driving a new wave of infections.<\/p>\n

At risk<\/b><\/p>\n

The World Bank says the following nations are at high risk of overall debt distress:<\/p>\n

Afghanistan and Ethiopia are among the 30 nations at high risk of overall debt distress while Grenada, Mozambique, Republic of Congo, Sao Tome and Principe and Somalia are already experiencing it, according to the World Bank\u2019s website.<\/p>\n

The G-20 debt plan, which took effect on May 1, 2020, has so far provided more than $10.3 billion in relief to more than 40 eligible countries.<\/p>\n

Georgieva and Pazarbasioglu called for the G-20\u2019s so-called common framework \u2014 a plan to reorganize loans \u2014 to be \u201cstepped up\u201d to help poorer nations. The strategy has been plagued by delays and a lack of interest from debtor countries since its inception in November 2020. Only three of the 73 eligible countries \u2014 Chad, Ethiopia and Zambia \u2014 have applied for the program.<\/p>\n

The expiration of the debt-service relief will force \u201cparticipating countries to resume debt service payments,\u201d the IMF officials said. \u201cQuick action is needed to build confidence in the framework and provide a road map for helping other countries facing increasing debt vulnerabilities.\u201d<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. The International Monetary Fund warned of \u201ceconomic collapse\u201d in some low-income countries unless creditors in the world\u2019s richest nations suspend debt-service obligations and help renegotiate new terms. About 60% of the world\u2019s poorest countries are at high risk or are already in debt distress, double the share in 2015, IMF Managing Director […]<\/p>\n","protected":false},"author":84,"featured_media":10033,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,281,283],"class_list":["post-10036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nIMF warns of \u2018economic collapse\u2019 in poor nations, Mozambique included, without debt fix - Mozambique<\/title>\n<meta name=\"description\" content=\"The International Monetary Fund warned of \u201ceconomic collapse\u201d in some low-income countries unless creditors in the world ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/imf-warns-of-economic-collapse-in-poor-nations-mozambique-included-without-debt-fix\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF warns of \u2018economic collapse\u2019 in poor nations, Mozambique included, without debt fix\" \/>\n<meta property=\"og:description\" content=\"The International Monetary Fund warned of \u201ceconomic collapse\u201d in some low-income countries unless creditors in the world ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/imf-warns-of-economic-collapse-in-poor-nations-mozambique-included-without-debt-fix\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-03T15:43:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/12\/img-61aa360680b42.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"825\" \/>\n\t<meta property=\"og:image:height\" content=\"510\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/imf-warns-of-economic-collapse-in-poor-nations-mozambique-included-without-debt-fix#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/imf-warns-of-economic-collapse-in-poor-nations-mozambique-included-without-debt-fix\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"IMF warns of \u2018economic collapse\u2019 in poor nations, Mozambique included, without debt fix\",\"datePublished\":\"2021-12-03T15:43:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/imf-warns-of-economic-collapse-in-poor-nations-mozambique-included-without-debt-fix\"},\"wordCount\":386,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/imf-warns-of-economic-collapse-in-poor-nations-mozambique-included-without-debt-fix#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/12\/img-61aa360680b42.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/imf-warns-of-economic-collapse-in-poor-nations-mozambique-included-without-debt-fix#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/imf-warns-of-economic-collapse-in-poor-nations-mozambique-included-without-debt-fix\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/imf-warns-of-economic-collapse-in-poor-nations-mozambique-included-without-debt-fix\",\"name\":\"IMF warns of \u2018economic collapse\u2019 in poor nations, Mozambique included, without debt fix - 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