IMF Chief Says Risks To Financial Stability Have Increased

Risks to financial stability have increased, International Monetary Fund (IMF) Chief Kristalina Georgieva warned on Sunday.

This comes as she stressed "the need for vigilance" following the recent turmoil in the banking sector.

Speaking at a forum in Beijing, she said she expected 2023 to be another challenging year, with global growth slowing to below 3% due to the war Russia-Ukraine war.

"Uncertainties are exceptionally high, with the outlook for the global economy likely to remain weak over the medium term.

"It is also clear that risks to financial stability have increased", she added.

Her comments came after the financial sector was shaken by the collapse of the Silicon Valley Bank (SVB).