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 G-24 warns from heightened threats to global recovery

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PostSubject: G-24 warns from heightened threats to global recovery   Fri Sep 23, 2011 7:28 am

G-24 warns from heightened threats to global recovery

Economics 9/23/2011 10:20:00 AM

WASHINGTON, Sept 23 (KUNA) -- The Intergovernmental Group of Twenty-Four (G24) warned the International Monetary Fund (IMF) from heightened threats to the global recovery and urged for actions to deal with the volatile commodity prices.

"We expressed concern about the serious threat to the global economic recovery and underscored the need for urgent, concerted and coordinated actions to tackle the crisis of confidence in advanced economies, and its spillovers on emerging market and developing countries," said the joint communique. "Advanced Economies' policies need to give priority to supporting the fragile recovery, while ensuring credible medium-term fiscal consolidation. We called for more decisive action by the Euro area to address the sovereign debt crisis and restore confidence," added the statement.

The G-24 ministers held late on Thursday its eighty-sixth meeting chaired by South Africa finance minister Pravin Gordhan."We called for urgent actions to deal with the consequences of volatile commodity prices and long?term impediments to food and energy security, especially with respect to the most vulnerable countries and populations. We reiterated the critical importance of reaching agreement on global trade and urged delivery of aid commitments to meet the needs of the poorest," affirmed the communique.

"We reiterated the need for the IMF to adopt an open-minded and even-handed approach to the management of capital flows. Governments must continue to have the flexibility and discretion to adopt policies they consider appropriate to mitigate risks from volatile capital flows," it added.

The G-24 called for strengthening the capacity and governance of the international financial institutions and reiterated our support for measures "to protect the voice and representation of the IMF's poorest members and small and vulnerable states".

"We agreed on the need to strengthen the capacity of the World Bank to respond to immediate challenges and longer?term development needs and to continue to implement the agreed reform agenda," concluded the communique.

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