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IMF says higher bond yields underscore urgency of fiscal consolidation
BANGKOK: The International Monetary Fund on Wednesday urged advanced economies and others to take urgent action to reduce government spending, cut deficits and reduce debt levels, warning that delays would only make the job harder in coming years. Rodrigo Valdes, head of the IMF’s Fiscal Affairs department, said rising sovereign bond yields were adding to fiscal pressures at a time when average public debt was poised to hit 100% of gross domestic product, the highest seen since World War Two, leaving countries with less margin for delay. “The fiscal results this year are worse than expected ...
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