IMF says US, China debt pose risks for global public finances

High and uncertain interest rates in the US affect the cost of funding elsewhere in the world," Vitor Gaspar, director of fiscal affairs at the IMF, said. The world's two great economic rivals, China and the US, will drive much of the increase in global public debt over the next five years, with US spending creating trouble for many other countries by keeping interest rates high, officials at the International Monetary Fund (IMF) said in a report. "In both economies, public debt is projected under current policies to nearly double by 2053," the IMF said in its Fiscal Monitor, an…