Claims extracted
20
sentences that state something as happening or true
Uncertain
5%
1 of 20 hedged
("reportedly", "may", "according to")
Leaning
Leans right
of the writing, not the subject · beta estimate
Publisher signals
69/100
BBC News's corrections and
hedging, across everything collected from it. Not a measure of accuracy.
Outlets on this story
1
Economy/Business
Same framing elsewhere
1
articles that frame the event the way this one does
- Published
The world's advanced economies including the UK and US need to cut borrowing and reduce debt levels following weeks of spiralling government interest costs, the head of the International Monetary Fund (IMF) has warned.
asserted
head → publish → Fund
In an exclusive interview, Kristalina Georgieva said global economic shocks had been "pushing debt levels up like a staircase not to heaven" but that governments had taken "no action to contain that service cost".
"[It's] time to take that action," she said, adding that "courage" was needed by politicians to take the necessary steps.
asserted
courage → say → steps
The intervention comes as government borrowing costs have surged in response to wars disrupting the supply of oil, which has fuelled inflation.
asserted
which → come → inflation
Higher global borrowing costs have hit the UK government in the run-up to UK Prime Minister Andy Burnham's first Budget next month, with speculation building over potential tax and spending policies.
asserted
speculation → hit → policies
The latest figures show borrowing - the difference between tax receipts and government spending - was £18.3bn ($24.4bn) in August, almost a fifth higher than the year before and higher than official forecasts.
asserted
borrowing → show → forecasts
Meanwhile debt interest for the month was the highest August figure since monthly records began in 1997.
asserted
records → begin → 1997
Higher borrowing costs have also hit the US, the world's largest economy, which has seen its debt pile surpass $40tn.
asserted
pile → hit → 40tn
The amount has doubled within the space of a decade, prompting concerns at home and abroad.
asserted
amount → double → concerns
On the sidelines of the United Nations General Assembly, Georgieva said the IMF's message to advanced economies was that while there were economic factors occurring outside the control of governments, they did have command over domestic policies.
asserted
they → say → policies
"There are these two things that must be done: bring debt levels down, put fiscal consolidation as a priority, and make sure that the central banks deliver on their mandate for price stability," she said.
asserted
she → be → stability
"It is impossible to stress strongly enough how critical it is to get the courage to take the steps that are necessary.
asserted
that → stress → steps
These are politically tough steps to take, but necessary steps to take."
asserted
These → take → ?
Asked specifically about the UK's higher interest costs compared to other major economies, Georgieva said its position was "not very different" from others.
asserted
position → ask → others
She pointed to "fairly consistent action" on lowering debt and praised planning and housing reforms, adding that advanced economies "don't have the cash" to boost growth and so had to rely on reforms to encourage the private sector to invest.
asserted
economies → point → sector
AI could present 'financial stability risk'
Governments around the world raise money by selling bonds - essentially an IOU - and in return pay interest to the investment funds that buy them.
uncertain
that → present → them
Concerns over inflation eating away at returns has sent the interest rates on bonds - known as yields - higher in recent months.
But there are other factors pushing yields up, including increasing competition in the bond market from large tech companies looking to raise huge amounts of money to invest in artificial intelligence (AI) development.
asserted
inflation → eat → development
On AI, Georgieva referenced recent concerns about loss of safe control over such systems as a potential financial stability problem, alongside debt levels.
asserted
Georgieva → reference → levels
"If we see more incidents when AI takes [on a] life of its own, then we can be faced with a significant financial stability risk," she said.
asserted
she → see → risk
The IMF's managing director repeated the influential body's assessment that the global economy was affected by two forces "pushing in opposite directions" - the energy price shock and investment in AI.
asserted
economy → repeat → AI
She said it was important for the low exports of oil and gas from the Gulf "to resume in a durable manner, for the energy supply shock to finally be in the rearview mirror".
"That is a very significant step to normalisation," she said, but acknowledged it was yet to happen.
asserted
it → say → normalisation
The Aporia
