IMF policy panel endorses G20 economic plan

The International Monetary Fund endorsed a Group of 20 programme for sustainable global economic growth,including an increase in voting rights for under-represented countries.

“We welcome the outcomes of the G20 summit Pittsburgh and support its commitment to articulating policies for strong,sustained and balanced growth in the global economy,” the IMF’s policy-setting International Monetary and Financial Committee (IMFC) said after a meeting in Istanbul.

The G20 largest rich and emerging-market economies,meeting in the US city a little more than a week ago,asked the IMF to shepherd their coordinated programme to build sustained growth as the world economy recovers from the worst recession since World War II.

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“We call on the fund to assist the G20 mutual assessment by developing a forward-looking analysis of whether polices are collectively consistent with more sustainable and balanced trajectories for the global economy,” the IMFC said in a statement.

The committee,which represents the Washington-based institution’s 186 member nations,also pledged to maintain stimulus support of growth and provide further support if needed.

“We commit to maintaining supportive fiscal,monetary and financial sector policies until a durable recover is secured,” it said,adding that members “stand ready to act further as needed to revive credit,recover lost jobs,and reverse setbacks in poverty reduction.”