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G20 says monitoring "economic situation" in Ukraine
(MENAFN- Kuwait News Agency (KUNA)) G20 Finance Ministers and Central Bank Governors welcomed Friday the prospects for global economic growth to strengthen in 2014 but added they remain "vigilant" in the face of important global risks and vulnerabilities
The G20 said in its communique "we are determined to manage these risks and take actions to further strengthen the recovery, create jobs and improve medium-term growth prospects." Meanwhile, the G20 affirmed "we are monitoring the economic situation in Ukraine, mindful of any risks to economic and financial stability." It welcomed the International Monetary Fund's (IMF) recent engagement with Ukraine as the authorities work to undertake meaningful reforms
"The situation in Ukraine highlights the important role of the IMF as the world's first responder to financial crises," the Group affirmed during the IMF/World Bank spring meetings
It added "we agree that the IMF and the World Bank Group remain the institutions best placed to help countries to deal with their economic challenges through policy advice and catalytic financing." Furthermore, the Group said in the communique "we are deeply disappointed with the continued delay in progressing the IMF quota and governance reforms agreed to in 2010 and the 15th General Review of Quotas (GRQ) including a new quota formula." It reaffirmed the importance of the IMF as a quota based institution, saying "the implementation of the 2010 reforms remains our highest priority and we urge the US to ratify these reforms at the earliest opportunity
"If the 2010 reforms are not ratified by year-end, we will call on the IMF to build on its existing work and develop options for next steps and we will work with the IMFC to schedule a discussion of these options," the G20 stressed
The G20 said in its communique "we are determined to manage these risks and take actions to further strengthen the recovery, create jobs and improve medium-term growth prospects." Meanwhile, the G20 affirmed "we are monitoring the economic situation in Ukraine, mindful of any risks to economic and financial stability." It welcomed the International Monetary Fund's (IMF) recent engagement with Ukraine as the authorities work to undertake meaningful reforms
"The situation in Ukraine highlights the important role of the IMF as the world's first responder to financial crises," the Group affirmed during the IMF/World Bank spring meetings
It added "we agree that the IMF and the World Bank Group remain the institutions best placed to help countries to deal with their economic challenges through policy advice and catalytic financing." Furthermore, the Group said in the communique "we are deeply disappointed with the continued delay in progressing the IMF quota and governance reforms agreed to in 2010 and the 15th General Review of Quotas (GRQ) including a new quota formula." It reaffirmed the importance of the IMF as a quota based institution, saying "the implementation of the 2010 reforms remains our highest priority and we urge the US to ratify these reforms at the earliest opportunity
"If the 2010 reforms are not ratified by year-end, we will call on the IMF to build on its existing work and develop options for next steps and we will work with the IMFC to schedule a discussion of these options," the G20 stressed
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