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.”
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Dean Popplewell
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