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Kristalina Georgieva, director of the International Monetary Fund, said on Tuesday that she hoped the global economy would not have to wait until the 11th hour to deal with the US debt ceiling.
Negotiators from the White House and Republican Congress are trying to resolve a months-long impasse over raising the U.S. government’s $31.4 trillion debt ceiling.
Georgieva told a news conference in London that a U.S. default would hurt both the U.S. and global economies, giving negotiators a powerful incentive to reach a deal.
“We’ve seen in the past that debates about the debt ceiling in the U.S. have always been very tense, but always led to solutions,” he said.
“Let’s see how far this can be pushed to the eleventh hour. We don’t have to wait that long.”
Georgieva presented the IMF’s annual assessment of the UK economy in London. The IMF now expects the UK economy to avoid recession, but will continue to suffer from high inflation and low growth.
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