The IMF chief economist has told the BBC that Chancellor George Osborne should consider toning down austerity in his March budget.
"We think this would be a good time to take stock," said Olivier Blanchard, speaking to Radio 4's Today programme.
He also said the global economy was "not out of the woods yet".
In October, Mr Blanchard claimed in an IMF report that austerity had hurt wealthy countries such as the UK far more than most analysts had expected.
His analysis showed that the impact of spending cuts and tax rises on economic growth had been 2-3 times greater in the lacklustre economic conditions since 2008, than had been the case in the previous three decades.
However, Mr Blanchard told the BBC that the Fund had recommended from the beginning that spending cuts should be "slow, steady", although some countries, such as Spain, had little choice about pushing ahead more quickly because of the pressure they had come under from financial markets.
He also said that the Fund's advice to the UK had not fundamentally changed.
"We said that if things look bad at the beginning of 2013 - which they do - then there should be a reassessment of fiscal policy," he said of George Osborne's budget plans.
On the question of David Cameron's promise to offer a referendum on whether to stay in the EU after the next general election, he said "there are clearly enormous advantages" to being in the EU.
But he added: "There are some costs, and [the British public] have to assess".
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