Sharp rises to interest rates and the value of the dollar put many emerging economies under strain, owing both to the higher cost of imports and the net increase in the cost of debt repayments. G7 countries may consider increasing their aid budgets as up to 60% of governments in emerging economies may default We live in a world of global finance, combined with national-level policy making and budget-setting. This combination can create complex, inter-related problems, especially when several negative developments coincide, which we can observe today. The mood at the IMF annual meeting in Washington, DC earlier this month was gloomy. A Financial Times editorial comment observed on October 1
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