While speaking at the Devex Forum on Tuesday, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said that she sees a "debt crisis in the making" with rising interest rates and debt, as reported by Reuters.

"Global central banks are rightly focusing on putting a lid on inflation but this adds pressure to debt-burdened countries," Georgieva added. "I'm cautiously optimistic that G20 countries are starting to grasp the huge problem of debt restructuring for developing countries."

Market reaction

These comments don't seem to be having a significant impact on risk sentiment. As of writing, the S&P 500 Index was virtually unchanged on the day at 3,858.

Additional takeaways

"30% of developing and emerging markets are at or near debt distress; distress rate doubles for low income countries to 60%."