The IMF's chief Kristalina Georgieva has urged advanced economies in the G20 to extend and improve their debt relief initiative. She warned that many countries face a dire crisis without the help. Georgieva did not specify which economies faced a crisis, but referred simply to "low-income countries." The G20 Debt Service Suspension Initiative expires at the end of the year, and without a renewal, the IMF says countries would face financial pressure, spending cuts, or even economic collapse. This comes as a new Covid-19 variant is spreading and interest rates are expected to rise. The G20 twice extended the DSSI, but the IMF and World Bank have been urging creditors to do more to help low income economies deal with their unsustainable debt loads. There are 73 countries eligible for relief under the program.
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