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

    Self-doubt, Cultural Barriers Hinder Cambodian Women in Tech

    Longtime Cambodian tech observer Sok Sikieng says that although more women have joined profession in recent years, there remain significant factors hindering women from reaching tech potential

    Trans-Adriatic Pipeline to Boost European Energy Security

    $4.5 billion-pipeline will become operational in 2020 and will deliver gas from Azerbaijan’s Shah Deniz II field to southern Italy

    Video California Celebration Showcases Local Wines, Balloons

    Annual festival showcases the region's harvested agriculture, fine wines and offers opportunities to experience the gentle breeze in a hot air balloon flight

    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.
    Vietnamese-American Youth Optimistic About Obama's Visit to Vietnami
    X
    Elizabeth Lee
    May 22, 2016 6:04 AM
    U.S. President Barack Obama's visit to Vietnam later this month comes at a time when Vietnam is seeking stronger ties with the United States. Many Vietnamese Americans, especially the younger generation, are optimistic Obama’s trip will help further reconciliation between the two former foes. Elizabeth Lee has more from the community called "Little Saigon" located south of Los Angeles.
    Video

    Video Vietnamese-American Youth Optimistic About Obama's Visit to Vietnam

    U.S. President Barack Obama's visit to Vietnam later this month comes at a time when Vietnam is seeking stronger ties with the United States. Many Vietnamese Americans, especially the younger generation, are optimistic Obama’s trip will help further reconciliation between the two former foes. Elizabeth Lee has more from the community called "Little Saigon" located south of Los Angeles.
    Video

    Video First-generation, Afghan-American Student Sets Sights on Basketball Glory

    Their parents are immigrants to the United States. They are kids who live between two worlds -- their parents' homeland and the U.S. For many of them, they feel most "American" at school. It can be tricky balancing both worlds. In this report, produced by Beth Mendelson, Arash Arabasadi tells us about one Afghan-American student who seems to be coping -- one shot at a time.
    Video

    Video Newest US Citizens, Writing the Next Great Chapter

    While universities across the United States honor their newest graduates this Friday, many immigrants in downtown Manhattan are celebrating, too. One hundred of them, representing 31 countries across four continents, graduated as U.S. citizens, joining the ranks of 680,000 others every year in New York and cities around the country.
    Video

    Video Vietnam Sees Strong Economic Growth Despite Incomplete Reforms

    Vietnam has transformed its communist economy to become one of the world's fastest-growing nations. While the reforms are incomplete, multinational corporations see a profitable future in Vietnam and have made major investments -- as VOA's Jim Randle reports.
    Video

    Video Qatar Denies World Cup Corruption

    The head of Qatar’s organizing committee for the 2022 World Cup insists his country's bid to host the soccer tournament was completely clean, despite the corruption scandals that have rocked the sport’s governing body, FIFA. Hassan Al-Thawadi also said new laws would offer protection to migrants working on World Cup construction projects. VOA's Henry Ridgwell reports.
    Video

    Video Infrastructure Funding Puts Cambodia on Front Line of International Politics

    When leaders of the world’s seven most developed economies meet in Japan next week, demands for infrastructure investment world wide will be high on the agenda. Japanese Prime Minister Shinzo Abe’s push for “quality infrastructure investment” throughout Asia has been widely viewed as a counter to the rise of Chinese investment flooding into region.
    Video

    Video Democrats Fear Party Unity a Casualty in Clinton-Sanders Battle

    Democratic presidential front-runner Hillary Clinton claimed a narrow victory in Tuesday's Kentucky primary even as rival Bernie Sanders won in Oregon. Tensions between the two campaigns are rising, prompting fears that the party will have a difficult time unifying to face the presumptive Republican nominee, Donald Trump. VOA national correspondent Jim Malone has more from Washington.
    Video

    Video Portrait of a Transgender Marriage: Husband and Wife Navigate New Roles

    As controversy continues in North Carolina over the use of public bathrooms by transgender individuals, personal struggles with gender identity that were once secret are now coming to light. VOA’s Tina Trinh explored the ramifications for one couple as part of trans.formation, a series of stories on transgender issues.
    Video

    Video Amerikan Hero Flips Stereotype of Middle Eastern Character

    An Iranian American comedian is hoping to connect with American audiences through a film that inverts some of Hollywood's stereotypes about Middle Eastern characters. Sama Dizayee reports.
    Video

    Video Budding Young Inventors Tackle City's Problems with 3-D Printing

    Every city has problems, and local officials and politicians are often frustrated by their inability to solve them. But surprising solutions can come from unexpected places. Students in Baltimore. Maryland, took up the challenge to solve problems they identified in their city, and came up with projects and products to make a difference. VOA's June Soh has more on a digital fabrication competition primarily focused on 3-D design and printing. Carol Pearson narrates.

    Special Report

    Adrift The Invisible African Diaspora

    World Currencies

    EUR
    USD
    0.8971
    JPY
    USD
    110.16
    GBP
    USD
    0.6811
    CAD
    USD
    1.3106
    INR
    USD
    67.378

    Rates may not be current.