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24 April 2018, 03:13 | Vera Richards
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"A strong quota-based permanent resource base for the IMF would serve to strengthen the Global Financial Safety Net (GFSN) and mitigate risks to the worldwide monetary system", Jaitley said, as per the speech released by the Finance Ministry.
The central discussion point for the meetings was the ever-present threat of a trade war between China and the United States, which ministers and economists from around the world warned could trigger a loss of confidence in the growing global economy.
"We strongly believe that unfair global trade practices impede stronger US and global growth, acting as a persistent drag on the global economy", US Treasury Secretary Steven Mnuchin said in a statement to the International Monetary Fund. In a closing communique, the International Monetary Fund expressed concern that the rising trade tensions could dim what at the moment are bright prospects for the global economy, which is expected to grow this year at the fastest pace since 2011. IMF Managing Christine Lagarde warned this week that a U.S. But there's danger ahead, even if the world economy is projected to grow by 3.6 percent in 2018.
He also called on all countries, including emerging sovereign lenders, to fully disclose public borrowing, and on the World Bank and International Monetary Fund to take steps to improve the collection and analysis of debt data with an aim to improve debt transparency and sustainability.
'My key concern.is to help in the process of resolving those issues before they escalate to a point where they would hamper growth and stability, ' she told reporters at the conclusion of the meeting.
Rising financial vulnerabilities, increasing trade and geopolitical tensions, and historically high global debt threaten global growth prospects, according to the communique.
Many have used the finance meetings to protest against Trump's protectionist trade policies, which mark a reversal of seven decades of U.S. support for ever-freer global commerce.
"The intensifying challenges to multilateralism call for unequivocal and forceful voice of the IMF and the WTO (World Trade Organisation) in favour of rule-based global trading system and against protectionism", he added.
"The discussions were really around the governor's actions at the PBOC and certain actions they've announced in terms of opening their markets which we very much encourage and appreciate", Mnuchin said. One of the concerns about a trade war is it wouldn't just involve the United States and China, but it would inevitably drag in other countries as well and they'd be caught up in the crossfire between the United States and China.
The US has resisted pressure to back off President Donald Trump's protectionist America First trade policies.
"We have now adopted a framework for enhanced engagement on governance and corruption that aims for a more systematic, evenhanded, effective and candid engagement with member countries".
"We have to keep this group working together", said Nicolas Dujovne, Argentina's treasury minister.
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