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IMF chief warns of emerging market risk with high U.S. interest rates

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The benchmark rates of most advanced economies soared in recent years, as central banks aimed to tame inflation following the Covid-19 pandemic.

High U.S. interest rates traditionally spell bad news for emerging markets, making their debts — which are often priced in U.S. dollars — more expensive.

Kristalina Georgieva, the managing director of the International Monetary Fund, played down the prospect of any negative impact from a monetary policy divergence between Europe and the U.S., but said issues could be more acute in emerging markets.

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