The International Monetary Fund (IMF) Managing Director Christine Lagarde urged the world's largest economies to implement structural reforms at the G20 summit on Saturday.

"Downside risks to the outlook have increased, particularly for emerging market economies. Against this backdrop, policy priorities have taken on even more urgency since we last met in April," she said.

Lagarde pointed out that growth remains too low, trade is too low, investment is too low and unemployment is too high.

The IMF managing director also said that the Fed should delay its interest rate hike until 2016 due to the global implications.