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Pakistan and Sri Lanka are only two of the many countries currently facing conditions of severe debt distress.
巴基斯坦和斯里兰卡只是目前面临严重债务困境的许多国家中的两个。
Covid-19 delivered a major blow to many low- and middle-income countries that had borrowed heavily during the era of low interest rates beginning with the 2008 financial crisis.
新冠肺炎疫情对许多低收入和中等收入国家造成了重大打击，这些国家曾在2008年金融危机开启的低利率时期大量举债。
As the costs of public health and welfare rocketed, economies were locked down and tourism collapsed, which meant that tax revenues plummeted.
随着公共卫生和福利费用的飙升，经济陷入停滞，旅游产业崩溃，这意味着税收收入大幅下降。
The pandemic also disrupted global supply chains, leading to shortages of many goods and higher prices.
这场疫情还扰乱了全球供应链，导致许多商品短缺和价格上涨。
These inflationary pressures were then exacerbated by Russia’s invasion of Ukraine.
随后，俄罗斯入侵乌克兰加剧了通胀压力。
Meanwhile, the decision of the US Federal Reserve to raise interest rates to reduce US inflation has pushed the value of the dollar to its highest level in 20 years.
与此同时，美国联邦储备委员会为降低美国通胀而加息的决定，已将美元汇率推高至20年来的最高水平。
This has made the debt of countries that borrowed in dollars – many do – more expensive since their currencies are worth less, while further increasing the cost of their imports.
这使得以美元借款的国家(很多国家都是如此)的债务变得更加沉重，因为这些国家的货币贬值了，同时进一步增加了他们的进口成本。
Rising US interest rates have also encouraged investors to pull capital out of riskier emerging markets at a historic rate, since safer dollar investments now produce higher returns.
美国利率上升也鼓励投资者以历史性的速度将资本撤出风险较高的新兴市场，因为更安全的美元投资现在能产生更高的回报。
The result is that the world economy faces the possibility of one of the worst debt crises in decades, threatening deep recessions, political instability, and years of lost growth.
其结果是，世界经济可能面临几十年来最严重的债务危机之一，可能导致严重衰退、政治不稳定和数年的增长停滞。
At the same time, the increase in extreme weather events – stronger hurricanes, recurring droughts – makes life even harder for states that already dedicate a large portion of their revenues to servicing foreign debt.
与此同时，极端天气事件的增加——飓风越来越强、干旱频发——让那些已经将很大一部分收入用于偿还外债的国家的日子更加难过。
In the midst of this turmoil, the IMF has become more involved in bailing out countries than it has in years.
在这场动荡中，国际货币基金组织比过去几年更多地参与了对国家的救助。
Over the last few months, the value of its emergency loans reached a record level, as a growing number of states turned to it for help, including Bangladesh, Egypt, Ghana and Tunisia.
在过去的几个月里，随着越来越多的国家(包括孟加拉国、埃及、加纳和突尼斯在内)向该组织求助，其紧急贷款金额达到了创纪录的水平。
Broadly speaking, the way the IMF works is by collecting financial resources from members and then offering them short-term assistance in the case of financial hardship.
一般说来，国际货币基金组织的运作方式是从成员国那里收集财力，然后在他们遇到财政困难时提供短期援助。
Based in Washington DC, the institution is staffed by representatives of ministers of finance and central bank governors from around the world.
国际货币基金组织总部设在华盛顿特区，该机构人员由来自世界各地的财政部长代表和央行行长代表组成。
Because voting power is weighted by each state’s financial contribution, the US, as the IMF’s largest shareholder, exercises outsized influence over its major decisions and can veto proposed reforms to its governance.
由于投票权按每个国家的财政贡献来加权，美国作为国际货币基金组织最大的股东，对该组织的重大决策具有极大的影响力，可以否决拟议中的治理改革。
But as an international body that counts nearly every sovereign state as member, the IMF plays a unique role in the world economy.
但作为一个几乎包含所有主权国家成员的国际机构，国际货币基金组织在世界经济中发挥着独特的作用。
It’s the only institution with the resources, mandate and global reach to help almost any country facing severe economic distress.
该组织是唯一拥有资源、授权和全球影响力的机构，几乎可以帮助任何面临严重经济困境的国家。
