IMF, World Bank declare reforms, leave town

After seven days of meetings and seminars spiced up with state visits and protests, the IMF and World Bank annual meetings ended October 7. In his closing remarks, IMF Managing Director Dominique Strauss-Kahn told policymakers from 186 countries that global cooperation had saved the world from a far worse crisis and that leaders should now seize the opportunity to shape a post-crisis world. Coming out of the October 4 meeting of the International Monetary and Financial Committee (IMFC) the policy-steering committee asked the IMF to address four key reform areas – the IMF’s mandate, its financing role, multilateral surveillance and governance. These “Istanbul Decisions,” Strauss-Kahn said, will be a focal point of IMF activities for the coming year. The committee agreed to maintain stimulative policies until global economic recovery is assured, backing moves to make reforms in the governance of the IMF to give greater voice to dynamic emerging markets and developing countries.

Substantively and logistically the IMF/WB conference was judged a success. Protesters were disruptive but could not reach the conference venue. The next two annual meetings will be in Washington D.C.

Source: Hurriyet Daily

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