The IMF points out that policy efforts to tackle the downturn so far - such as liquidity support, deposit insurance and recapitalisation - have been drawn up to address the immediate threats to financial stability.
However, it says that these emergency measures "have done little to resolve the uncertainty about the long-term solvency of financial institutions".
"The process of loss recognition and restructuring of bad loans is still incomplete," says the IMF's World Economic Outlook Update.
The IMF says future co-ordinated financial policies should concentrate on recognising the scale of financial institutions' losses and on providing public support to those institutions that are viable.
"Such policies should be supported by measures to resolve insolvent banks and set up public agencies to dispose of the bad debts, including possibly through a 'bad bank' approach, while safeguarding public resources."
The IMF says the global economy is projected to experience a gradual recovery in 2010, with growth picking up to 3%.
"However, the outlook is highly uncertain, and the timing and pace of the recovery depend critically on strong policy actions," it warns.
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