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Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), has called for major economies to work together to sustain the growth momentum.
She made the remarks at the conclusion of the Group of 20 (G20) Finance Ministers and Central Bank Governors Meeting in Baden-Baden, Germany.
“Our meeting showed once again that the G20 provides a critical platform for major economies to work together within an established framework. We met at a time when growth is gaining momentum around the world and there are signs that the global economy has reached a turning point, even though uncertainties remain.’’ She said.
She added: Strong monetary, fiscal and structural policies matter more than ever for what comes next. Global cooperation and pursuing the right policies can help achieve strong, sustained, balanced, and inclusive growth, while the wrong ones could stop the new momentum in its tracks.
“I reaffirmed the IMF’s readiness to contribute to enhancing global understanding and cooperation in line with our mandate, including through vigorous exchange rate surveillance and analysis of global imbalances.
“As global financial conditions may tighten, we are committed to supporting our membership in the management of risks stemming from excessive capital flow volatility. We will enhance our monitoring tools and stand ready to provide policy advice, including on macroprudential policies, as well as capacity building and financial support as warranted.’’
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“I strongly welcome the proposed compacts between African and G20 countries to build capacity and unlock investment flows. All five countries in the first wave have Fund-supported arrangements. We will work closely with the authorities to strengthen their macroeconomic frameworks and will step up the provision of technical assistance.