The International Monetary and Financial Committee (IMFC) emphasized that the use of existing emergency procedures would allow the organization to "make available substantial resources to help countries meet their financing needs."
The IMFC acknowledged that many emerging countries may suffer the impact of the crisis, even though they have sound economic policies in recent years.
"Some might have a problem of liquidity. The Fund is there, it was created for this, and we are ready to provide various countries who would like the cash they need," said IMF Managing Director Dominique Strauss-Kahn, at a press conference.
Mr. Strauss-Kahn said he knew of countries ready to request such assistance.
"The difficult global environment, with high prices of food and fuel, adds to the challenges faced by emerging countries to maintain macroeconomic stability and growth, while progress in poverty reduction ", As CFMI.
"For these reasons, it is extremely important that collaborations are coordinated between advanced and emerging economies," he said.
The IMFC has also supported the action plan drawn up five points the previous day by the major argentiers major G7 industrialized countries to coordinate their response to the crisis.
"The measures taken by the G7 are extremely strong because what has been expressed in the presence of the IMF and the World Bank, is the idea of a total determination to support financial institutions, to ensure what must be guaranteed, to recapitalize the banks that need assistance, "said the IMF.
"The awareness of both the seriousness of the situation and the need to implement exceptional measures, was complete," said Strauss-Kahn.
"What is perhaps more important is that the Fund has called for coordination, explaining that without coordination, the case could not be resolved, because the decisions taken by some could have consequences negative for others, "he said.
"This coordination is not only clearly emerged among the G7 countries, but today she was taken into account by the 185 IMF members, which means (...) that everyone is in agreement both the appropriate action and the guidelines that should be chosen "as the leader of the multilateral institution.
"I think that is an element which is decisive for the coming weeks," concluded Mr. Strauss-Kahn.( Finance Information City )
0 comments:
Post a Comment