The International Monetary Fund (IMF) has advised the U.S. to bolster its fiscal position by reducing spending and raising revenues. Projecting a 2.6% growth for 2024, the IMF stressed the need to address rising debt through policy adjustments, including tax reforms and spending cuts.

IMF Managing Director Kristalina Georgieva stated last week in Washington, D.C., after the IMF published the results of the annual Article IV “health check” report on the U.S. economy, that the Federal Reserve should maintain current interest rates. She explained:

We expect core PCE inflation to end this year around 2.5%, and be back to target by mid-2025. This being said, we do recognize there are important upside risks to this path. Given those risks, we agreed that the Fed should keep policy rates at current level until at least late 2024.

The IMF managing director recently met with Federal Reserve Chair Jerome Powell and U.S. Treasury Secretary Janet Yellen to discuss the findings of the annual report. Georgieva emphasized the U.S.’ economic resilience, noting: “The U.S. is the only G20 economy whose GDP level now exceeds the pre-pandemic level. This is good for the U.S. and it is good for the global economy. We expect growth to be a healthy 2% this year on a four quarter over four quarter basis, and sustain a similar pace over the medium term.”

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