Discussions at the IMF and World Bank meetings in Bangkok focused on rising borrowing costs in the US, France and Japan, with US Treasury chief Scott Bessent absent. IMF chief Kristalina Georgieva called advanced economies the 'worst offenders' for large deficits and debt, while Indonesia's finance minister warned that higher borrowing costs would hit ordinary people. China's central bank governor Pan Gongsheng and a PBOC report argued that the US had lost trade competitiveness through excessive fiscal spending and that imbalances are not caused by one side alone. The G20 issued no statement, and Indonesian stocks fell by the most in 28 years after an MSCI downgrade warning.
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