IMF adding new urgency to debt reduction message amid rising yields, official says

The ​International Monetary Fund ​has "dialed up" ‌the urgency ​of its call for governments to rein ‌in growing debts that threaten to consume government budgets amid higher borrowing costs, IMF ‌fiscal affairs chief Rodrigo Valdes said ‌on Wednesday. Valdes told a news conference that while the IMF routinely calls for fiscal ⁠consolidation, ​a sense ⁠of urgency needs to be understood differently by ⁠governments because of the size of global ​debt, inflationary pressures and their impacts ⁠on pushing up sovereign bond yields.

"We're saying ⁠now ​it's urgent and it's now because basically the conditions have changed," ⁠Valdes said. "So, if you want one message, we ⁠dialed ⁠up the urgency of our message."