IMF Chief Warns Financial Risks Abound as Banking Industry Turmoil Remains

Risks to global financial stability have increased and “the need for vigilance” remains after the recent upheaval in the banking sector, International Monetary Fund (IMF) Managing Director Kristalina Georgieva warned Sunday.

Speaking at a forum in Beijing, the IMF chief said she expected 2023 “to be another challenging year”, with global growth slowing to below 3.0 percent due the war in Ukraine, monetary tightening, soaring inflation, a raft of global interest rate hikes, and “scarring” from the pandemic all bookending the recent banking crises.

Investor panic has also sent oil prices sliding about three percent on weaker demand fears owing to a possible recession.


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