At the opening of the annual meetings of the International Monetary Fund (IMF) and the World Bank in Washington on Thursday, October 13, 2022, the leaders of both institutions lamented Eacute; the lack of progress on restructuring the debts of emerging and developing countries. They were alarmed by the increasing dangers. The boss of the World Bank dreading a debt crisis. The restructuring mechanism developed by the G20 will be reviewed by the IMF.

Non-existent, poorly designed, or too slow, are the terms used by World Bank and IMF leaders when referring to current debt restructuring mechanisms public and private in emerging and developing countries. Indeed, the risks of debt tensions are on the rise following the rise in prices, especially food prices, which make up a large part of the shopping basket in poor countries, and the rise in interest rates. Thus, the president of the World Bank and the managing director of the International Monetary Fund (IMF) could only be alarmed by the increasing dangers. According to Bank President David Malpass, a “fifth wave of debt crisis” is in sight.

For her part, Kristalina Georgieva, the head of the IMF, recalled that nearly a quarter of emerging countries and up to 60% of the poorest countries are likely to be confronted ; because of a debt crisis and growing difficulties lie ahead. To this end, since the start of Russia's invasion of Ukraine, the IMF has launched 16 aid programs worth a total of 90 billion dollars. Kristalina Georgieva said on Thursday 13 October that “they are currently considering 28 other requests.”

She also pointed out that her institution still had the means to provide credit. As a result, the potential is estimated at 700 billion dollars and she has nevertheless called on the G20 countries to review their copy to carry out debt restructuring.