IMF Leader Says Global Economy Still In Danger

IMF Leader Says Global Economy Still In Danger

Beijing, March 18 (QNA) – International Monetary Fund (IMF) Managing Director Christine Lagarde on Sunday urged policy makers to be vigilant as oil prices, debt levels, and the risk of slowing growth in emerging markets threaten global economic stability.

The IMF Chief urged the developed countries to strengthen their financial systems and cope with high debt, while noting that the developing countries need to improve their financial defenses.

She said European leaders need to stay vigilant about debt, focus on “steady, rigorous implementation” of financial measures, and carefully watch the economic situation in Greece.

The IMF last week approved a 28 billion-euro ($36.6 billion) loan for Greece as part of a 130 billion euro second bailout by the European Union that requires more austerity and an overhaul of its economy. Greece completed the world’s largest sovereign-debt overhaul and agreed to deeper spending cuts to obtain new funds as it faces a fifth year of recession.