Higher interest rates "important driver" of global debt growth: IMF fiscal chief

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Higher interest rates "important driver" of global debt growth: IMF fiscal chief

STORY: Higher interest rates "important driver" of global debt growth: IMF fiscal chief DATELINE: Oct. 14, 2023 LENGTH: 0:03:04 LOCATION: Washington D.C. CATEGORY: ECONOMY SHOTLIST: 1. SOUNDBITE (English): VITOR GASPAR, Director of IMF's fiscal affairs department STORYLINE: An International Monetary Fund (IMF) senior official has said that with global public debt projected to grow faster, higher interest rates have been pushing up borrowing costs, becoming an important driver of public debt dynamics. SOUNDBITE 1 (English): VITOR GASPAR, Director of IMF's fiscal affairs department "Global public debt went up quite a lot in the year of the pandemic 2020. Then given very strong catch-up growth from the contraction in the pandemic plus inflation surprises, it came sharply down in 2021 and 2022. But as you said, public debt ratios are now higher and they're projected to grow faster than under pre-pandemic projections." According to the newly released IMF's Fiscal Monitor, total debt liabilities of governments

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