IMF Urges Vigilance as Financial Stability Risks Rise

The International Monetary Fund (IMF) has warned that risks to financial stability have increased, despite moves by advanced economies to calm market stress. IMF chief Kristalina Georgieva called for continued vigilance, particularly in low-income countries with high levels of debt. She also reiterated her view that 2023 would be another challenging year, with global growth slowing to below 3% due to scarring from the pandemic, the war in Ukraine, and monetary tightening. The IMF is against making crypto legal tender and has issued an action plan. The Fed's restrictive monetary policy has been cited as a key culprit behind recent bank failures.