Despite a trajectory of rising borrowings and the International Monetary Fund’s declaration last month that “now is the time” to restore sustainable budget policies, that subject doesn’t appear on the formal agenda for G-7 central bankers and finance ministers set to gather in the lakeside town of Stresa.The topic’s sensitivity isn’t surprising given looming electoral tests in the US, UK and European Union — and a precarious fiscal situation in Italy, the host nation.
Scope Ratings last week predicted that Italy will have Europe’s biggest pile of borrowings in just three years, and on Monday, the IMF issued an annual assessment calling for “faster-than-planned” action. “If you have a lot of debt, you’re going to run into problems,” said Rob Burrows, a portfolio manager at M&G Investments. “It’s one of those issues that keeps me up at night, with me thinking, how will we get out of this?”
“Substantial additional efforts, compared to staff’s current policy baseline, will be needed over the medium-term, starting in 2024, to strengthen public finance,” the fund said about France on Thursday. Reticence to discuss fiscal challenges isn’t restricted to the G-7. Its larger equivalent, the Group of 20, avoided the matter with intent when meeting in February, after objections by China for a mention in their meeting statement.
The US economy is in a 'selective recession' as lower-income consumers can't cover the cost of living, JPMorgan says
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Zimbabwe Seeks Full Convertibility of ZiG Currency, Finance Chief SaysZimbabwe will seek full convertibility of its new currency, the ZiG, as a way to further support the unit and protect it from collapse, according to Mthuli Ncube, the Finance Minister.
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