International Monetary Fund chief Kristalina Georgieva warns that shutdown of the Strait of Hormuz is pushing up borrowing costs worldwide and threatening developing countries’ progress on debt, Al Jazeera reports.

Georgieva says inflation pressure from the still-closed strait are among the factors driving bond yields higher, along with rising overall debt levels.

“This is not just a low-income developing countries problem,” she tells Reuters on the sidelines of a G20 meeting in North Carolina.

“High debt levels in advanced economies, combined with stubborn inflation, could lead to debt service costs going up for everybody including for the low-income, for the emerging markets, and developing economies.”