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Ministers ask IMF to deepen role on currencies, imbalances
Published in Saudi Press Agency on 09 - 10 - 2010


Finance ministers and central bankers on
Saturday called for the International Monetary Fund (IMF) to "deepen
its work" in addressing a conflict over currencies and growing
imbalances between wealthy and emerging world powers.
But the ministers did not offer the IMF a concrete role in
monitoring exchange rates, something the United States had called for
as it raises pressure on China and other emerging powers to allow
their currencies to appreciate, according to dpa.
In a statement following a meeting of the IMF's steering
committee, ministers said "tensions and vulnerabilities" remained in
the global economy because of "widening global imbalances, continued
volatile capital flows, exchange rate movements."
The IMF should "deepen its work in these areas, including in-depth
studies to help increase the effectiveness of policies to manage
capital flows," the statement said.
IMF Managing Director Dominique Strauss-Kahn has backed the US and
Europe in calling China's currency undervalued, but the committee
statement did not weigh into the debate over the value of particular
currencies.
The statement also offered no concrete proposals on reforming
voting rights in the IMF, but called on Strauss-Kahn to report back
to the committee by the end of this month on "progress on quota and
governance reforms."
Emerging and developing countries are pushing for more say in the
IMF. Governments have agreed to reach a deal on voting reforms by the
end of this year.


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