G20, IMF and Wold Bank Meet in Washington

The following are highlights of comments by finance ministers and central bankers in Washington this week for a meeting of the Group of 20 and the semiannual meetings of the International Monetary Fund and World Bank.

G20 OFFICIAL FAMILIAR WITH THE GROUP’S DRAFT COMMUNIQUE:

The text says there are “firm commitments to increase resources available over $400 billion.”

RUSSIA’S DEPUTY FINANCE MINISTER SERGEI STORCHAK ON G20 COMMITMENT TO INCREASING IMF RESOURCES:

“Trust me that the G20 will announce the final amount. This will be an amount that will satisfy the management of the International Monetary Fund. What Christine Lagarde had announced, the G20 will practically confirm.”

“In this regard, this will have been a visible completion of an important phase of building not European firewalls but global firewalls…”

“At the same time BRICs had insisted that only the total amount is mentioned, with no specifics on who contributed how much… This is a request from the BRICs. This is a very sensitive and a delicate moment (for some emerging economies).”

“There is an understanding (how much each country will provide), but there is an agreement not to advertise it.”

“From the standpoint of global risk assessment there is a complete consensus of position between BRICs and what was said during G20 (meetings). And in general we need to move away from opposing one another: BRICs is a part of the G20.”

Reuters

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Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell