KATHMANDU: International Monetary Fund (IMF) chief Kristalina Georgieva has said that it is the responsibility of her organization to help low-income countries affected by rising inflation and energy crisis due to the Iran war.

Speaking at the conclusion of the annual meeting in Thailand’s capital Bangkok on Saturday, he said there was both hope and concern in the global economy. According to him, while the resilience of the global economy, the potential of artificial intelligence (AI) and economic dynamism in Asia have raised hope, inflation, high debt, war and climate risks have raised concerns.

After the US and Israel started the war on Iran, the price of oil and gas has increased in the world market. Inflation has increased further as its impact is felt in different countries. The IMF has said that especially low-income countries dependent on oil imports have been affected the most.

“Inflation is like a tax on the poor,” Georgieva said. He urged the affected countries to prioritize economic growth and protection of vulnerable groups.

According to him, the share of debt payments in government revenue has increased from 8 percent to 14 percent in recent years in low-income countries.

He said the IMF would support debt restructuring, internal resource mobilization, international financial cooperation and private investment, as needed.