IMF Official Warns Global Economy Faces Pressing Fiscal Challenges

Rodrigo Valdes, Director of the Fiscal Affairs Department at the International Monetary Fund, said in an exclusive interview with reporters recently that against the backdrop of high debt levels, higher interest rates, and growing demands for public spending, almost all economies face urgent fiscal challenges. He said that high debt is a reality, and for the global economy, the debt-to-GDP ratio is rising, interest rates are higher than they were a few years ago, and there are many demands for increased spending. "All these factors combined mean fiscal policy faces severe challenges."