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Kristalina Georgieva, the managing director of the International Monetary Fund , says the ongoing Israel-Hamas war is bad for the global economy.
“In terms of economic impact, we are very closely monitoring how the situation evolves, how it is affecting especially oil markets. It is too early to say,” Georgieva said.“We have seen some up and down of oil prices. We have seen some reaction on markets. As I said, we will be closely monitoring this.
The war began on October 7, 2023, after Hamas, a Palestinian militant group, invaded Israel from the Gaza Strip, killing Israelis and other nationals.Georgieva said: “It is heartbreaking to see innocent civilians dying. An attack from one place on another causing also reciprocity in response, who pays the price? It is the innocent who pays the price.”Georgieva said she’s hopeful IMF members will agree to have a third African representative on its executive board.
Addressing the call for debt restructuring for low-income countries, Georgieva said debt cancellation requires all creditors to agree.
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