News / Economy

IMF, World Bank Discuss Wide Range of Economic Issues

France's Finance Minister Christine Lagarde, who serves as chair of the Group of 20, begins a news conference at the International Monetary Fund and World Bank meetings in Washington, April 15, 2011
France's Finance Minister Christine Lagarde, who serves as chair of the Group of 20, begins a news conference at the International Monetary Fund and World Bank meetings in Washington, April 15, 2011

Multimedia

Top economic officials from around the world are in Washington this weekend to discuss a wide range of global economic issues - from large national debts to the impact of the unrest in the Middle East. Although experts say the global economic recovery already is well underway, the World Bank and the International Monetary Fund say important challenges remain.

Finance ministers and central bankers attending the World Bank, IMF Spring Meeting in Washington, D.C., agree the threat of another global downturn has receded. But the recovery remains fragile. Ahead of the meeting, IMF managing director Dominique Strauss-Kahn warned leaders not to become complacent.

"It's not the recovery we want because it's still imbalanced between countries and it's also imbalanced within countries," he said. "That's certainly the reason why uncertainty is still very high."

Among the goals for the Spring Meeting is finding ways to measure imbalances that contributed to the financial crisis. Late Friday, finance ministers announced agreement on a mechanism to monitor countries and prod them to take corrective actions when imbalances in areas such as foreign trade or government debt rise to excessive levels.

French Finance Minister Christine Lagarde, chair of the G20 summit in France later this year, called it a significant achievement.

"Suffice to say that we've made, in my view, huge progress in relation to the framework for growth," said Lagarde. "I think agreeing on the indicative guidelines was a major step in the direction of establishing the right policies with the appropriate spillover effects and not negative spillover effects."

With emerging economies growing faster than advanced economies, the World Bank and the IMF say rich countries like the U.S. must do more to reduce debt, while fast growing economies, such as China, should allow currencies to rise to reduce dependency on export markets.  

More immediate concerns include the recent spike in oil and food prices. Letsetja Kganyago, director of the South African National Treasury, says food security is high on the agenda for many developing countries.

"This is a basic need for our citizens. And if we are to see the same effects that we have seen in 2008, where you had prices rising to the extent that they did and where you saw in other areas where you had food shortages, then we are going to be running into all sorts of problems," said Kganyago.

Other problems to be discussed at the two-day meeting include high inflation in fast growing economies, and the European debt crisis, which  already has resulted in bailouts for Ireland, Greece and Portugal. Ministers also will look at the impact of the Japan earthquake on the global supply chain, and the Middle East turmoil on energy prices.

You May Like

Jihadist Assassin says Goal of Tunisia Murders Was Chaos

Abu Muqatil at-Tunusi’s remarks in a propaganda interview also cast light on attack on Bardo Museum More

Russia Denies License to Tatar-Language TV Station in Crimea

OSCE official says denial shows 'politically selective censorship of free and independent voices in Crimea is continuing' More

Kenyan Startups Tackle Expensive Remittances Through Bitcoin

Some think services could give Western Union a run for its money, though others say it’s still got a long way to go More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
For Obama, It's More Business Than Friendships With World Leadersi
X
Aru Pande
April 01, 2015 9:09 PM
The rift between President Barack Obama and Israeli Prime Minister Benjamin Netanyahu has put a spotlight on the importance of the American leader’s personal relationships with other world leaders and what role such friendships play in foreign policy. VOA's Aru Pande reports.
Video

Video For Obama, It's More Business Than Friendships With World Leaders

The rift between President Barack Obama and Israeli Prime Minister Benjamin Netanyahu has put a spotlight on the importance of the American leader’s personal relationships with other world leaders and what role such friendships play in foreign policy. VOA's Aru Pande reports.
Video

Video Buhari: Nigeria Has ‘Embraced Democracy’

Nigeria woke up to a new president-elect Wednesday, Muhammadu Buhari. But people say democracy is the real winner as the country embarks on its first peaceful handover of power since the end of military rule in 1999. VOA’s Anne Look reports from Abuja.
Video

Video Tiny Camera Sees Inside Blood Vessels

Ahead of any surgical procedure, doctors try to learn as much as possible about the state of the organs they plan to operate on. A new camera developed in the Netherlands can now make that easier - giving surgeons an incredibly detailed look inside blood vessels, all the way to the patient’s heart. VOA’s George Putic has more.
Video

Video Latin American Groups Seek Fans at Texas Music Festival

Latin American music groups played all over Austin, Texas, during the recent South by Southwest festival, and some made fans out of locals as well as people from around the world who had come to hear music. Such exposure can boost such groups' image back home. VOA’s Greg Flakus reports.
Video

Video Stockton Community, Police, Work to Improve Relations

Relations are tense between minority communities and police departments around the United States following police shootings that have generated widely-publicized protests. VOA's Mike O’Sullivan reports from Stockton, California, where police and community groups are working toward solutions, with backing from Washington.
Video

Video Indiana Controversy Highlights Divergent Meanings of Religious Freedom

Indiana’s state government has triggered a nationwide controversy by approving a law that critics say is aimed at allowing discrimination against gays and lesbians. The controversy stems from divergent notions of religious freedom in America. VOA's Jerome Socolovsky reports.
Video

Video Report: State of Black America a 'Tale of Two Nations'

The National Urban League has described this year's "State of Black America" report as a "tale of two nations." The group's annual report, released earlier this month (March), found that under an equality index African Americans had only 72% parity compared to whites in areas such as education, economics, health, social justice and civic engagement. It’s a gap that educators and students at Brooklyn’s Medgar Evers College are looking to close. VOA's Daniela Schrier reports from the school.
Video

Video Film Tells Story of Musicians in Mali Threatened by Jihadists

At this year's annual South by Southwest film and music festival in Austin, Texas, some musicians from Mali were on hand to promote a film about how their lives were upturned by jihadists who destroyed ancient treasures in the city of Timbuktu and prohibited anyone from playing music under threat of death. As VOA’s Greg Flakus reports from Austin, some are afraid to return to their hometowns even though the jihadists are no longer in control there.
Video

Video Ebola Vaccine Trials Underway in West Africa

Ebola has claimed the lives of more than 10,000 people in West Africa. Since last summer, researchers have rushed to get anti-Ebola vaccines into clinical trials. While it's too early to say that any of the potential vaccines work, some scientists say they are seeing strong results from some of the studies. VOA's Carol Pearson reports.
Video

Video Philippines Wants Tourists Spending Money at New Casinos

Tourism is a multi-billion dollar industry in the Philippines. Close to five million foreign visitors traveled there last year, perhaps lured by the country’s tropical beaches. But Jason Strother reports from Manila that the country hopes to entice more travelers to stay indoors and spend money inside new casinos.
Video

Video Civilian Casualties Push Men to Join Rebels in Ukraine

The continued fighting in eastern Ukraine and the shelling of civilian neighborhoods seem to be pushing more men to join the separatist fighters. Many of the new recruits are residents of Ukraine made bitter by new grievances, as well as old. VOA's Patrick Wells reports.
Video

Video Cambodian Land Grabs Threaten Traditional Communities

Indigenous communities in Cambodia's Ratanakiri province say the government’s economic land concession policy is taking away their land and traditional way of life, making many fear that their identity will soon be lost. Local authorities, though, have denied this is the case. VOA's Say Mony went to investigate and filed this report, narrated by Colin Lovett.

VOA Blogs

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More

World Currencies

EUR
USD
0.9220
JPY
USD
119.88
GBP
USD
0.6757
CAD
USD
1.2640
INR
USD
62.626

Rates may not be current.