IMF NEEDS SAFEGUARD
IMF - Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement at the conclusion of the Group of 20 (G20) Summit in Hamburg, Germany:
"I would like to warmly congratulate Chancellor Merkel and the German authorities on their steady leadership of the G20 this year and on hosting the Leaders Summit in the beautiful city of Hamburg.
"In my discussions with Leaders I noted the good news that the global economic recovery is on track, broad-based, and expected to continue into next year. At the same time, I warned about complacency and risks, including elevated financial vulnerabilities, low productivity, and rising inequality."
"The current period of growth should be used as an opportunity: to further safeguard the financial sector--by building up capital buffers and strengthening corporate and bank balance sheets; to address the issue of stagnant real wages--which can undermine the recovery and fuel discontent; and to confront the problem of excessive current account imbalances--with both surplus and deficit countries playing their part."
"In line with the Hamburg Action Plan, I emphasized five priorities:
- Step up trade reform. An essential part of this effort must be to reduce barriers, subsidies, and other measures that distort trade. We can strengthen the global trading system by reaffirming our commitment to well-enforced rules that promote competition while creating a level playing field.
- Increase productive infrastructure investment. This would boost employment and growth in the short-term and productivity over the medium-term.
- Promote financial inclusion. Increased access to finance, especially for women, is critical to support sustainable growth--and will create millions more jobs.
- Invest in human capital. To better equip populations to deal with the challenges of technological and structural economic shifts. This is especially important in the context of increased automation and the use of artificial intelligence.
- Accelerate labor market reforms. This includes expanding people's access to the labor market, improving flexibility, and reducing informality. A crucial dimension is to close the gender gap in terms of female labor force participation -- which is good for increasing growth, reducing inequality, and diversifying economies.
"I strongly welcome the G20's focus on climate change, the sustainable development goals, and the challenges facing low-income countries. I commend, in particular, Germany's leadership in launching the Compact with Africa, which is designed to boost private investment across the continent. The countries involved in the first wave of this effort are already receiving support from the IMF–to help strengthen their macroeconomic frameworks and institutions, including by increasing support for capacity development. "
"I am encouraged that the Hamburg Action Plan includes an emphasis on strengthening the global financial safety net, with a strong, quota-based, and adequately financed IMF at its center. I am also pleased that the G20 Leaders highlighted the importance of the IMF continuing to provide capacity development in the area of anti-money laundering and countering the financing of terrorism."
"I would like to express my deep appreciation to the German government for their generous hospitality throughout the G20 presidency. My particular thanks go also to the City of Hamburg and especially to the men and women who worked around the clock to ensure public safety and a successful outcome of the meetings, and I wish a speedy recovery to the people that suffered injuries during the protests in recent days.
"Finally, in my discussions with G20 Leaders, I said that just as the global crisis generated the momentum for effective multilateral action, so too we must use the global economic recovery to continue our collaboration to address risks and ensure strong, sustainable, balanced and inclusive growth. In this context, the IMF looks forward to working closely with the Argentinian Presidency of the G20 in 2018."
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.