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IMF urges credible action to address challenges

04-17-2011 09:39 BJT

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Global finance chiefs gathered for a third day of talks at the International Monetary Fund and World Bank spring meetings in Washington on Saturday.

The IMF says the global recovery remains vulnerable, and countries need to take credible action to address various challenges.

During the meetings, the International Monetary and Financial Committee had intensive discussions on how to promote global financial stability and avoid another financial crisis.

The IMFC, comprising finance ministers and central bank governors, is the primary advisory body of the IMF Board of Governors and deliberates on principal policy issues facing the IMF.

The IMFC says in a communique the global recovery is gaining strength but remains vulnerable.

It says credible actions are needed to accelerate progress in addressing challenges to financial stability and sovereign debt sustainability, and to ensure timely fiscal consolidation in advanced economies.

It adds steps must be taken to avoid overheating in emerging market countries, and dealing with risks from higher commodity prices.

The IMFC says it's committed to accelerating efforts to strengthen the resilience of the financial sector and its ability to support economic recovery.

It says further progress is needed to address excessive financial risk taking and moral hazards, and strengthen supervision and regulation in financial centers.

It calls for enhanced cooperation to address risks posed by global systemically important financial institutions.

The fund promises to further strengthen its function of surveillance, and continue its work to find a "comprehensive and balanced approach" for the management of capital flows which have become an elevated risk for some emerging markets.

 

 

Editor:Zhang Pengfei |Source: CNTV.CN

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