STRENGTHENING IMF - 2
IMF - Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today at the conclusion of the Group of 20 (G20) Finance Ministers and Central Bank Governors Meeting in Baden-Baden, Germany:
"Our meeting showed once again that the G20 provides a critical platform for major economies to work together within an established framework. We met at a time when growth is gaining momentum around the world and there are signs that the global economy has reached a turning point, even though uncertainties remain.
"Strong monetary, fiscal and structural policies matter more than ever for what comes next. Global cooperation and pursuing the right policies can help achieve strong, sustained, balanced, and inclusive growth, while the wrong ones could stop the new momentum in its tracks.
"I reaffirmed the IMF's readiness to contribute to enhancing global understanding and cooperation in line with our mandate, including through vigorous exchange rate surveillance and analysis of global imbalances.
"As global financial conditions may tighten, we are committed to supporting our membership in the management of risks stemming from excessive capital flow volatility. We will enhance our monitoring tools and stand ready to provide policy advice, including on macroprudential policies, as well as capacity building and financial support as warranted.
"I strongly welcome the proposed compacts between African and G20 countries to build capacity and unlock investment flows. All five countries in the first wave have Fund-supported arrangements. We will work closely with the authorities to strengthen their macroeconomic frameworks and will step up the provision of technical assistance.
"I would like to thank Finance Minister Wolfgang Schäuble and Bundesbank President Jens Weidmann, the German authorities, and the people of the beautiful town of Baden-Baden for their generous hospitality and superb organization. I look forward to the Hamburg G20 Summit in July."
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.