The heads of the International Monetary Fund and the World Bank warned Wednesday that rising interest rates are squeezing the world's poorest countries as they struggle with the coronavirus and soaring food prices.
There is "a huge buildup of debt, especially in the poorest countries,'' World Bank President David Malpass said in a press conference. “As interest rates rise, the debt pressures are mounting on developing countries, and we need to move urgently towards solutions.‘’
