The Managing Director of the International Monetary Fund said governments should make more efforts to reduce budget deficits and rein in global debt, which has reached a record.

Kristalina Georgieva, on Sunday at an economic conference in Qatar in New York, said that inflation remains “stubborn” and that central banks around the world may be forced to follow the U.S. Federal Reserve and the European Central Bank by raising interest rates.

Georgieva said: “We have issued a warning that fiscal discipline must be in place. We see a lot of understanding, but we don’t see enough action.”

Based on the Fund’s forecast, global public debt will exceed 100% of gross domestic product by 2029. This figure is two years earlier than the previous forecast and is mainly driven by a surge in U.S. and China debt.

She added that disruptions in energy and transport have put pressure on producer economies such as Qatar, Kuwait and Iraq. The Fund predicts that Qatar’s economy will shrink by 8.6% this year, while before the war between the United States and Israel with the Islamic Republic, it had predicted growth of 6.1% for this country.