10/8/2010
US Reaffirms commitment to World Bank, IMF
WASHINGTON, The US reaffirmed on Friday its commitment to strengthen the global economy, build a more stable financial system through enhancing the World Bank and International Monetary Fund (IMF) responsibilities.
At a speech in the opening session of the annual meetings for the World Bank and the IMF, Timothy Geithner, the US Secretary of Treasury, said that the US believed that a lot of cooperation is needed "to avoid threats to the global economic recovery." "The US is committed to working with the World Bank and the regional development banks as key partners in global development," Geithner stressed.
He added that as the global economy has started to recover, trade has rebounded, presenting "us with a renewed opportunity to advance the multilateral trade agenda."
Geithner shed light on the growing concerns over China's currency policy and noted that foreign exchange intervention in countries with undervalued currencies lean against appreciation represented "critical challenges of this period." "We must work collectively and through our multilateral forums, such as these meetings, to address them cohesively," he remarked.
Geithner stressed the need to strengthen the IMF's "surveillance role" to avoid "future crises." As the world economy is on the mend, "we have a number of challenges on the horizon," Geithenr noted.
He stressed that "we must continue to press ahead on our common agenda if we wish to build better opportunities for our nations, our citizens, and for the poorest around the world."
US Reaffirms commitment to World Bank, IMF
WASHINGTON, The US reaffirmed on Friday its commitment to strengthen the global economy, build a more stable financial system through enhancing the World Bank and International Monetary Fund (IMF) responsibilities.
At a speech in the opening session of the annual meetings for the World Bank and the IMF, Timothy Geithner, the US Secretary of Treasury, said that the US believed that a lot of cooperation is needed "to avoid threats to the global economic recovery." "The US is committed to working with the World Bank and the regional development banks as key partners in global development," Geithner stressed.
He added that as the global economy has started to recover, trade has rebounded, presenting "us with a renewed opportunity to advance the multilateral trade agenda."
Geithner shed light on the growing concerns over China's currency policy and noted that foreign exchange intervention in countries with undervalued currencies lean against appreciation represented "critical challenges of this period." "We must work collectively and through our multilateral forums, such as these meetings, to address them cohesively," he remarked.
Geithner stressed the need to strengthen the IMF's "surveillance role" to avoid "future crises." As the world economy is on the mend, "we have a number of challenges on the horizon," Geithenr noted.
He stressed that "we must continue to press ahead on our common agenda if we wish to build better opportunities for our nations, our citizens, and for the poorest around the world."
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