October 10, 2013 / 1:53 PM / 5 years ago

World Bank urges emerging economy reforms before Fed tapering

World Bank President Jim Yong Kim makes remarks at a news conference during the IMF and World Bank's 2013 Annual Fall Meetings, a gathering of the world's finance ministers and bank governors, in Washington October 10, 2013. REUTERS/Mike Theiler

WASHINGTON (Reuters) - Emerging market economies have a window of two or three months to make reforms now that the Federal Reserve has refrained from scaling back its bond-buying program, World Bank President Jim Yong Kim said on Thursday.

“We think that now emerging market economies have maybe a two- or three-month window and the message we want to send to everybody is now is the time to make the reforms that you need to make,” Kim said at a news conference.

Kim said the mere announcement by the Fed that it might begin so-called tapering of its massive bond-buying economic stimulus program exposed weaknesses in some emerging economies and that they should now tackle fiscal policy reforms and other changes needed to improve the business investment environment.

Reporting by Anna Yukhananov and Louise Egan; Editing by James Dalgleish

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