Business | Economy
IMF asked to monitor markets in the West
Developing countries yesterday urged the International Monetary Fund (IMF) to improve its surveillance of the United States and other developed economies in light of the financial market turmoil.
- By Babu Das Augustine, Banking Editor
- Published: 00:50 October 21, 2007
Washington: Developing countries yesterday urged the International Monetary Fund (IMF) to improve its surveillance of the United States and other developed economies in light of the financial market turmoil.
In apparent retaliation to the demands by the US and other developed nations to monitor capital flows to and from the developing nations, the G-24 called for closer scrutiny of the developed economies.
"The IMF should put as much focus on evaluating their vulnerabilities as it does on emerging market economies," said the Group of 24 in a statement issued after its meeting.
The ministers said that the current turbulence has had only limited impact on developing countries, reflecting the progress made in strengthening economic fundamentals.
However, the ministers noted that significant uncertainties persist in the outlook of the world economy and that the balance of risk appears to be on the downside.
The ministers said governments and international financial institutions should work together more closely to prevent the emergence of a larger crisis in the global economy.
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