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IMF Managing Director Georgieva said that with bond yields soaring and borrowing costs rising to multi-decade highs, governments face "very difficult political choices," and she urged government officials to control spending. Speaking about the recent turmoil in global bond markets, she said that energy price increases triggered by the Iran war have pushed 10-year borrowing costs in the United States, Germany, and Japan to their highest levels in decades, and they are "still climbing." In recent months, global bond markets have seen a sharp selloff. Investors are facing pressure from a combination of factors: the ongoing war in the Middle East, interest rate hikes by major central banks, and the growing burden of public debt in many of the world's wealthiest countries. With the global debt-to-GDP ratio expected to soon exceed 100%, excessive fiscal deficits and high debt servicing costs have become "a major factor" affecting the health of the global economy. She said fiscal consolidation plans "have become an urgent priority."