‘Risks to financial stability high’

Kristalina Georgieva, the head of the International Monetary Fund, warned on Sunday that the recent turmoil in the banking sector has increased the risks to financial stability. Speaking at the China Development Forum in Beijing, the IMF managing director predicted that 2023 would be another difficult year, with global growth slowing to less than 3.0 percent due to the Ukraine conflict, monetary tightening, and pandemic scarring. She also emphasized the importance of being vigilant. "Uncertainties are exceptionally high," she said, adding that the global economy's outlook is likely to remain weak in the medium term. It is also clear that financial stability risks have increased."