IMF tells advanced economies to cut borrowing as global debt tops $100tn

IMF chief Kristalina Georgieva told advanced economies to cut borrowing and reduce their debts as global government debt passed $100 trillion.

• Global government debt has surpassed $100tn, with borrowing costs rising after oil-supply shocks fueled inflation.
• Georgieva said advanced economies, including the UK and US, had taken "no action" to contain rising debt service costs.
• UK government borrowing reached £18.3bn in August, almost a fifth higher than a year earlier and above official forecasts.
• Georgieva said advanced economies "don't have the cash" to boost growth and must rely on reforms to encourage private investment.