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The IMF warned of negative consequences to the global economy if US leadership is unable to resolve its political impasse over negotiations to extend the debt ceiling, spokesperson Julie Kozack told reporters Thursday in Washington, DC. IMF

General Assembly President Csaba Kőrösi said it was time “to get serious about debt relief in Middle-income countries, which host the majority of the extreme poor in the world,’ and called for the international community “to go beyond GDP as the primary measure of development.” UNIFEED

Financial stability risks have increased rapidly since the October 2022 Global Financial Stability Report as the resilience of the global financial system has faced several tests, the IMF announced in a press briefing. IMF

The IMF announced in the World Economic Outlook’s press briefing that the baseline forecast for global output growth is 0.1 percentage point lower than predicted in the January 2023 WEO Update, before rising to 3.0 percent in 2024. IMF

In Fiji imported food prices have gone up on average by 7 percent, leaving families searching for cheaper alternatives. To address the problem, women farmers in Fiji have been learning how to substitute imported goods like flour with homegrown varieties. IFAD

Presenting the Secretary-General’s Sustainable Development Goals (SDGs) stimulus plan, the Administrator of the United Nations Development Program (UNDP) Achim Steiner said the plan “calls for a measurable increase in resources available to combat the current crisis of at least 500 billion dollars a year through expanded lending, and potentially over 1.8 trillion.” UNIFEED

The IMF announced that global growth is expected to slow from 3.4 percent in 2022 to 2.9 percent in 2023 in a press briefing held in Singapore to mark the launch of the January update of the World Economic Outlook report. IMF

According to a new UN report, world output growth is projected to decelerate from an estimated 3 percent in 2022 to 1.9 percent in 2023, marking one of the lowest growth rates in recent decades. UNIFEED

Global growth is slowing sharply in the face of elevated inflation, higher interest rates, reduced investment, and disruptions caused by Russia’s invasion of Ukraine, according to the World Bank’s latest Global Economic Prospects report. WORLD BANK GROUP

UN Special Envoy for Syria Geir Pedersen told the Security Council, “I have warned of the dangers of military escalation in Syria. I am here in person today to tell you that escalatory dynamics are taking place, and this is worrying and dangerous.” UNIFEED