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‘The International Monetary Fund on Friday joined calls for the US Congress to raise the country’s debt limit, warning that failure to act would risk a major global market upheaval.

“For the United States, it is critical to immediately address the debt ceiling and launch a deficit reduction plan that includes entitlement reform and revenue-raising tax reform,” the IMF said in an update of its April forecasts issued in Sao Paulo.

The US government hit its legal borrowing limit of $14.29 trillion on May 16. The Treasury has taken extraordinary technical measures to avert a debt default, but says it will run out of maneuvering room by August 2.’

Read more: IMF Urges US Congress to Raise Debt Limit