IMF Urges U.S. to Cut Deficits as Bond Yields Surge, Tells China to Move Away From Export-Led Growth

IMF Managing Director Kristalina Georgieva said the United States and China must address structural imbalances that are putting increasing pressure on global financial markets. (Credit: Andrew Harnik/Getty Images)

The International Monetary Fund (IMF) warned Wednesday that the United States cannot rely on economic growth alone to bring its mounting debt under control, urging Washington to adopt tax or spending measures to reduce deficits while calling on China to shift away from its dependence on exports.

Speaking at the IMF and World Bank annual meetings in Bangkok, IMF Managing Director Kristalina Georgieva said the world's two largest economies must address structural imbalances that are putting increasing pressure on global financial markets.