Commending Group of 20 (G20) countries for significant progress in developing growth strategies to lift medium-term growth, Managing Director of the International Monetary Fund (IMF) Christine Lagarde has warned that the pace of global recovery remains low and uneven.
“According to our preliminary assessment with the OECD, the commitments made to date as part of these strategies have the potential to raise the collective GDP of the G20 by about 1.8 percent by 2018, compared to the 2 percent goal set earlier this year in Sydney,” Lagarde said in
a statement, a copy of which the IMF made available to PANA here.
”This is an important achievement, and final efforts should be made to reach the agreed goal,” she said.
Speaking late Sunday at the conclusion of the G20 Finance Ministers and Central Bank Governors Meeting in Cairns, Australia, Lagarde said promoting economic policies that can contribute to a more robust and job-rich recovery is therefore critical at this stage.
“Determined implementation will be crucial in the years to come, and while this process should remain country led in the spirit of the G20 effort, the IMF is ready to help in monitoring the effort.
“The Fund will continue to support sound monetary and fiscal policies, including through the analysis of spillovers, to promote broad and equitable growth,” Lagarde told the meeting which preceded the G20 Brisbane summit in November.
The IMF has been asked to help the G20 work on a global response to cross-border tax avoidance and evasion that will support growth-enhancing fiscal strategies.
“I note the G20 call for progress in making effective the IMF’s 2010 Quota and Governance Reform. We share the sense of importance of rapid progress and implementation, and urge our member countries to complete the reform,” Lagarde added.