MOSCOW, April 16. /TASS/. The situation in the global economy is worsening and budget discipline weakening lowered the ability of a number of countries to respond to new challenges, Russian Finance Minister Anton Siluanov said in a written statement before the meeting of the IMF International Monetary and Finance Committee.
"The situation in the global economy is worsening. A new source of instability - the conflict in the Middle East - is the key challenge in the light of consequences for energy and food security globally," the minister said. "The accompanying failure in global commodity chains in view of Hormuz Strait closing provoked a drastic rise in prices on commodity markets, worsened the business sentiment and prospects of economic growth and inflation," Siluanov noted.
Many countries continue pursuing the imbalanced fiscal policy and continue boosting expenses and debts for the geopolitical struggle in conditions of huge budget imbalances and the record high government debt, the minister stressed.