"While we expect to see a pickup (in growth) next year, trade tensions, geopolitical risks, political instability are among the challenges", Lesetja Kganyago, the committee's chairman and the South African Reserve Bank's governor, said at a press conference after the panel adjourned its semi-annual meeting.
He said: " At the 39th meeting of the IMFC, we agreed to protect the expansion, we will continue to mitigate risk, enhance resilience, and, if necessary, act promptly to shore up growth for the benefit of all.
"I think this is true for all global institutions with the concerns about what's happening with world cooperation with multilateralism", Gopinath told Xinhua in a recent interview on the sidelines of the spring meetings of the World Bank and the IMF in Washington.
The global economy is very likely to pull out of a brief expansion slump later this season - with a bit of help from the world's central banks and also from US and Chinese trade negotiators.
In Japan, the economy is projected to expand by 1 percent in 2019, and the International Monetary Fund expects a gradual slowdown in growth to 0.5 percent next year.
The IMF projects Asia to grow by 5.4 percent in 2019 and 2020, largely unchanged from its previous estimation in October, Rhee said, noting that the region continues to account for more than 60 percent of global growth. That has eased the pressures that global financial markets felt at the end of 2018, which contributed to the unwanted tightening of financial conditions partly blamed for the economic weakening.
"Policies and measures that hamper the growth of private businesses or fail to treat domestic and foreign investors as equals will be overhauled", he said.
The committee also said fiscal policy should be flexible and growth-friendly, but should be mindful of debt sustainability.
There is some cause for optimism.
But he also warned that factors that undermine confidence, including the risk of a hard Brexit and a global trade war, continue to "loom large", putting growth at risk.
Global finance officials are pledging closer cooperation in efforts to lift the world economy out of its current slowdown, but tensions persist between the United States and other nations over trade and other issues.
However, a trade standoff between the U.S. and China threatens to dim the economic outlook.
"The protectionism of some countries has harmed mutual trust among countries, limited the scope for multilateral cooperation, and impeded the willingness to achieve it", Chen Yulu, a vice governor at the People's Bank of China (PBOC), said in a statement to the IMFC. Even if they do come to an agreement, a trade deal between the world's two biggest economies could have unintended consequences if China commits to purchases of US goods that crowds out imports from other countries in Asia, the head of the IMF's Asia-Pacific department Changyong Rhee said Friday. The Fund warned that if China and the U.S. don't strike an agreement, the entire global economy could suffer the consequences of a subsequent trade standoff.
The World Bank, a major source of development lending, needs to make more progress in shifting its loans away from fast-growing economies such as China and devoting more support to the world's poorest nations, Treasury Secretary Steven Mnuchin said Saturday.
Chen stated: "Uncertainties from trade frictions, the negative impact of tariff increases on trade, and the disruptions of global supply chains have gradually emerged".