'No choice': IMF says developing countries must cut spending despite Iran war shock

The International Monetary Fund (IMF) warned on Tuesday that while low-income developing countries were dealing with the disproportionate impacts of the Iran war-fuelled energy shock , many had “no choice” but to cut spending or potentially face debt restructuring. Speaking to AFP on the sidelines of the organisation’s Annual Meetings in Bangkok, IMF deputy director of research, Petya Koeva Brooks, said that the heavily indebted oil-importing countries were facing the worst of the energy shock, and had difficult choices in helping their citizens through the crisis. “Unfortunately, after years…