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The International Monetary Fund’s chief urged nations with high levels of dollar-denominated debt to try to extend maturities now to lessen pressure as the U.S. Federal Reserve raises interest rates.

Managing Director Kristalina Georgieva said that her worry is greatest for low-income countries because 60% are in debt distress or in danger of reaching that point. She predicted a more difficult year ahead for policymakers based on the differences between nations and the nuance of the solutions required, and that 2022 will be like “navigating an obstacle course.”

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