IMF urges full implementation of G-20 agenda

ANTALYA - Anadolu Agency

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The head of the International Monetary Fund has urged world leaders to fully implement the newest G-20 agenda regarding worldwide growth and unemployment.

In a statement issued at the conclusion of the Group of 20 (G-20) Summit in the southern Turkish province of Antalya, Christine Lagarde said the IMF welcomed the commitment of G-20 countries to reduce youth unemployment by 15 percent by 2025, which follows the 2014 commitment to reduce the gender gap by 25 percent.

“Turning to the global economy, after a modest and uneven expansion in 2015, growth at 3.6 percent is forecast for next year, which would be the fastest pace since 2011. Three significant transitions weigh on the outlook: the normalization of the U.S. Fed’s monetary policy, China’s rebalancing of its growth model, and the end of the decade-long commodity super cycle. A set of policy upgrades can help to manage these transitions,” she said.

“Lifting today’s growth by combining demand support through accommodative monetary policy in most advanced economies with supportive fiscal policies where conditions allow; bolstering resilience by strengthening the financial sector through the completion of the regulatory reform agenda; and safeguarding the future by implementing the G-20’s growth strategies agreed in Brisbane last year” are all critical, she said.

According to the IMF, about half of the G-20’s promises in Brisbane have been implemented.

“The Antalya Action Plan makes clear that global cooperation is key to addressing the challenges facing the world today – from climate change to reform of international taxation and the international monetary system. On the latter topic, I noted the IMF’s upcoming review of the Special Drawing Right (SDR) and the fund’s staff recommendation to include the Chinese Renminbi in the SDR basket; I support this recommendation and our executive board is scheduled to make its decision later this month,” Lagarde said.

“On IMF quota and governance, I noted my continued strong urging of a speedy ratification of the 2010 reforms. Finally, I would like to thank President Recep Tayyip Erdoğan and the Turkish authorities for their leadership of the G-20 and wonderful hospitality throughout this year. We very much look forward to working with the Chinese Presidency of the G-20 in 2016,” she added.