The world is facing its worst food crisis in history. Millions of tonnes of wheat are stuck in Ukraine, worsening an already precarious situation for many countries that depend on exports from the region. IMF Managing Director Kristalina Georgieva tells FRANCE 24 Business Editor Kate Moody that only "very strong international mobilisation" will save the lives of millions of people. Also in our update from Davos: EU member states move towards an embargo on Russian oil, but with no consensus on the timeline.

The International Monetary Fund has concluded "constructive" talks with the government of Sri Lanka over a possible bailout. The island is facing its worst economic crisis on record, with protests over food, fuel and medicine shortages. Also on the show: why France is faring better than its neighbours when it comes to inflation. Plus FRANCE 24's Madrid correspondent Sarah Morris reports on the Spanish companies suffering from a diplomatic spat with Algeria.

The International Monetary Fund (IMF) has cut its global growth forecast to 3.2% amid high inflation and the war in Ukraine, and warned the world could be "teetering on the edge of global recession."

The International Monetary Fund says a first agreement has been reached on a $2.9 billion loan to the bankrupt country. Sri Lanka is facing its worst economic crisis in more than 70 years.

Zambia took a crucial step closer on Wednesday to restructuring its debts and rebuilding its ravaged economy. The International Monetary Fund said in a statement that it had approved a $1.3 billion, 38-month loan program with the southern African country.

Earlier this week the IMF said sub-Saharan Africa faced its “most challenging environment in years”, with the region's pandemic recovery disrupted by surging inflation, rising interest rates and a global slowdown.

Runaway inflation and soaring food prices have compelled Ghana and Zambia to seek bailouts from the International Monetary Fund. This week, traders across Ghana closed shop to protest the worsening economy.

Ghana has reached a "staff-level" agreement with the IMF for a three-year, $3 bln loan program and, according to its finance minister, expects IMF board approval "early next year".

Kristalina Georgieva, the managing director of the International Monetary Fund, is warning that this year will be tougher than the last and that the war in Ukraine, rising inflation and higher interest rates will weigh heavily on the global economy. She expects the EU to be particularly hard hit, with half of its members seeing declines in growth.

Gloomy economic forecasts have cast a long shadow over this year's event in the Swiss Alps. But Georgieva said that although the IMF projects 2023 to be "a difficult year" and for growth to fall further, "we don't expect a global recession". She cited resilient labour markets and consumer spending, the post-Covid reopening of China and signs of inflation trending downwards.

The International Monetary Fund has given a brighter outlook in its latest report than in October, predicting that inflation will slow. It said that European economies had shown more resilience than expected.

The International Monetary Fund has raised its forecasts for the global economy for 2023, stating that growth has been “surprisingly resilient". However, it also said the UK is likely to be the only leading economy to head into recession in 2023.