WASHINGTON (Reuters) – The International Monetary Fund’s member nations on Saturday warned of risks to the global economy from exchange rate shifts and geopolitical tensions as they took note of “moderate” global growth and “uneven prospects.”
While economies in developed countries have strengthened, some emerging nations are being hit by weaker commodity prices and exports, the IMF’s steering committee noted in a communique.
WASHINGTON (Reuters) – China does not want to bend the rules in its favor to include the yuan in the IMF’s basket of major reserve currencies, the No. 2 official at the International Monetary Fund said.
Beijing tightly controls the yuan’s movements and has strong capital controls, but it is pushing for increased use of the currency for trade and investment as part of a long-term strategic goal to reduce dependence on the dollar and to raise its global economic clout.
WASHINGTON (Reuters) – Japan must come up with and implement a clear, specific plan to cut its huge debt pile in order to make its monetary stimulus effective, the IMF’s mission chief for the country said, warning Tokyo against loosening its grip on fiscal consolidation.
Prime Minister Shinzo Abe put off a sales tax hike last year and has been slow in pushing through painful spending cuts, arguing that Japan should focus more on boosting tax revenues by reflating the economy with stimulus.
WASHINGTON, April 17 (Reuters) – The Group of 20 leading
economies on Friday discussed ways to raise emerging countries’
voting rights at the IMF as part of an effort to move past U.S.
foot-dragging on reforms to the institution, but they failed to
reach an agreement.
The IMF’s member countries agreed in 2010 to give more
voting power to countries like China and India, double the
Fund’s resources, and reduce the dominance of Western Europe on
its 24-member board.
WASHINGTON (Reuters) – The Group of 20 leading economies struck a hopeful tone on the outlook for global growth on Friday, even as officials fretted that Athens’ inability to strike a deal with its lenders could upset Europe’s tentative recovery.
In a communique after a two-day meeting, G20 finance ministers and central bankers welcomed brighter economic signs in rich nations, but lamented weakness in emerging markets.
WASHINGTON (Reuters) – The Group of 20 leading economies was set on Friday to agree to a proposal that would raise the voting rights of emerging countries at the IMF, an attempt to move past U.S. foot-dragging on reforms to the institution.
The IMF’s member countries agreed in 2010 to reform the institution to give more voting power to countries like China and India, double the Fund’s resources, and reduce the dominance of Western Europe on its 24-member board.
WASHINGTON, April 16 (Reuters) – The head of the
International Monetary Fund on Thursday signaled she would not
grant a payment delay to Greece, as it had never been done for
an advanced economy and the Fund should protect its safe
IMF Managing Director Christine Lagarde said a Greek delay
on its repayments to the Fund would not be recommended in the
WASHINGTON (Reuters) – Overreliance on currency depreciations to boost domestic economies could exacerbate global tensions over exchange rates, the head of the International Monetary Fund said on Thursday.
The sharp rise of the dollar against the euro and yen is expected to be a major theme at the meeting of the world’s top economic policymakers in Washington this week. The recent currency moves have exposed some emerging economies as well.
WASHINGTON, April 15 (Reuters) – Rising U.S. interest rates
will expose gaps in liquidity that could make markets prone to
deeper and wider shocks, the International Monetary Fund said in
a report on Wednesday.
The IMF’s twice-yearly Global Financial Stability Report
also warned that financial risks have increased in the last six
months and shifted more to emerging markets and the “shadow”
banking sector, or non-bank financial intermediaries.
WASHINGTON (Reuters) – The head of the African Development Bank welcomed the China-led Asian Infrastructure Investment Bank and said he hoped the two institutions could work together to plug the funding gap for infrastructure in African countries.
Worried about China’s growing diplomatic clout, the United States has been urging countries to think twice about joining the recently formed AIIB, arguing that its projects may not adequately safeguard the environment and people.