WASHINGTON (MNI) – The following is a joint statement Friday of the
International Mmonetary and Financial Committee and the Group of 20
Finance Ministers and Central Bank governors:
The International Monetary Fund’s International Monetary and
Financial Committee (IMFC) and the Group of 20 Finance Ministers and
Central Bank Governors issued the following statement today on IMF
resources:
“We remain committed to take the necessary actions to secure global
financial stability. We welcome the euro area members’ decisions in
March to strengthen European firewalls as part of broader reform efforts
and the availability of central bank swap lines. At our Joint Meeting of
the IMFC and G20 Finance Ministers and Central Bank Governors today, we
have reached agreement to enhance IMF resources for crisis prevention
and resolution. This is the result of a broad international cooperative
effort that includes a significant number of countries.
“There are firm commitments to increase resources made available to
the IMF by over $400 billion in addition to the quota increase under the
2010 reform. These resources will be available for the whole membership
of the IMF, and not earmarked for any particular region.
“The resources would be channeled through temporary bilateral loans
and note purchase agreements to the IMF’s General Resources Account.
Should it become necessary to use these resources, adequate risk
mitigation features, conditionality, and adequate burden sharing among
official creditors would apply, as approved by the IMF Board.
“This effort, together with the national and regional structural,
fiscal, and monetary actions that have been put in place in the past
months, shows the commitment of the international community to safeguard
global financial stability and put the global economic recovery on a
sounder footing.”
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: M$$EC$,M$C$$$,M$U$$$,MN$FX$,MT$$$$,MI$$$$,M$J$$$,M$X$$$,M$A$$$,M$Q$$$]
