IMF urges more spending to boost growth

Fund's steering committee calls for more forceful stimulus and warns monetary policy alone is not enough

The International Monetary Fund's steering committee has urged member countries to boost "growth-friendly" spending to help deal with slowing global growth.

The IMF managing director, Christine Lagarde, said that calmer markets since February had reduced the stress level at the IMF and World Bank spring meetings, but the outlook was still fraught with downside risks from weak demand, a potential UK exit from the European Union and low oil and commodity prices.

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