Higher tariffs and heightened geopolitical tensions may push government debts to new highs over the coming years, making the need for policymakers to outline robust plans for containing the surge more pressing,

Global public debt peaked in 2020 as governments borrowed heavily for COVID-19 relief. But it has been edging back up, and now it's accelerating.

Economic pressures from steep new U.S. tariffs will push global public debt above pandemic-era levels to nearly 100% of global GDP by the end of the decade as slower growth and trade strain government budgets,

U.S. Treasury Secretary Scott Bessent on Wednesday said IMF chief Kristalina Georgieva and World Bank President Ajay Banga are both good leaders but must earn the Trump administration's trust by refocusing the institutions on their core missions.

The treasury secretary said the Trump administration remains committed to playing a leadership role in the IMF and the World Bank but will “demand that the management and staff of these institutions be accountable for demonstrating real progress.

The International Monetary Fund and the World Bank "must be made fit for purpose again," US Treasury Secretary Scott Bessent said Wednesday, arguing the institutions should be promoting economic growt