IMF chief warns there will be ‘people on the street’ globally

There will be “people on the street” globally unless steps are taken to protect the most vulnerable from inflation, International Monetary Fund’s (IMF) chief Kristalina Georgieva warned last week.

“It is important to think that this compounded impact of multiple crises is already testing the patience and resilience of people. And if you don’t take action to support the most vulnerable, there would be consequences,” she told CNN’s Christiane Amanpour.

“If we don’t bring inflation down, this will hurt the most vulnerable, because an explosion of food and energy prices for those that are better off is inconvenience — for the poor people, tragedy. So we think of poor people first when we advocate for attacking inflation forcefully,” Georgieva said. Central banks around the world have “no choice” but to increase interest rates in an effort to combat inflation, she added.