According to reports, the International Monetary Fund (IMF) noted that global debt increased substantially in 2020.

Speaking at a news briefing, Vitor Gaspar, Director of the IMF’s Fiscal Monitor Department, said the figure was the highest on record.

He said while the increased borrowing and spending were justified due to the need for strategies to combat the pandemic, critical steps must be taken to minimize this debt, especially for smaller states.

Readers Bureau, Contributor

Edited by Jesus Chan

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