HIGHLIGHTS-IMF, World Bank 2014 fall meetings in Washington on Thursday

Thu Oct 9, 2014 7:03pm EDT
 
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WASHINGTON Oct 9 (Reuters) - The following are highlights of the International Monetary Fund and World Bank meetings on Thursday in Washington, where finance ministers, central bankers and other top officials are gathering.

COMMUNIQUE FROM GROUP OF 24 DEVELOPING COUNTRIES

ON SPILLOVER RISK IN EMERGING MARKETS AND DEVELOPING NATIONS

"We urge policymakers in (advanced economies), especially those that issue reserve currencies, to give due attention to the risks and impact of spillovers on emerging market and developing countries and to undertake effective coordination and communication of their policies."

ON IMF DEBT LIMIT AND IDA BORROWING POLICIES

"We ask for due flexibility in the IMF's debt limits policy and the International Development Association's non-concessional borrowing policy for (low-income countries), taking into account the large financing needs of (low-income countries) and changing landscape of global financing. ... We urge the Fund to extend for two years the waiver on interest rates applicable to the Poverty Reduction and Growth Trust."

ON IMF QUOTA AND REFORMS

"We remain deeply disappointed that the IMF quota and governance reforms agreed to in 2010 have not yet come into effect, and urge the U.S. to complete ratification. This remains a significant impediment to the credibility and effectiveness of the IMF and unjustifiably delays forward-looking commitments."   Continued...