The IMF has broadly backed the Coalition Government's spending cuts and efforts to tackle the deficit.
The International Monetary Fund (IMF) has warned long-term fiscal reforms will be required among advanced economies as it projected the UK's gross debt to GDP would rise to 90.6% in 2015.
Greece is set to receive the second instalment of a rescue loan provided by the EU and IMF following the country's progress in cutting its deficit.
The IMF has raised its estimate for global growth this year by 0.4% to 4.6%, reflecting a stronger-than-expected first half.
The spread on Spanish government bonds over German bunds reached an all-time high today on continued economic concerns for the Mediterranean country.