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IMF policy-setting body resolves to restore int'l financial stability

THE policy-setting body of the International Monetary Fund (IMF) said yesterday that it will work "collaboratively" to restore international financial stability.

"We restate our resolve to work collaboratively to restore international financial stability and global growth," says a communiqué published by the International Monetary and Financial Committee of the Board of Governors of the IMF, the policy-setting body.

"We underline the central role of the IMF and welcome the vigorous actions taken to support countries in responding to the crisis," it adds.

The committee held its 19th meeting in Washington, D.C. yesterday, chaired by Youssef Boutros-Ghali, the minister of finance of Egypt. The meeting mainly discussed the latest developments in the global economic crisis.

IMF Managing-director Dominique Strauss-Kahn, Governor Zhou Xiaochuan of the People's Bank of China, and other senior financial and banking officials were present at the meeting.

According to the communiqué, the committee is committed to taking "further decisive and cooperative action necessary to ensure the soundness of systemically important institutions, and to restore the financial health of banks, domestic lending, and international capital flows."

"We welcome the G-20 Leaders' Statement, including the Declaration on Strengthening the Financial System," says the communiqué. "We underscore the importance of enhancing sound regulation, strengthening transparency, and reinforcing international cooperation. We urge the IMF to play a key role in contributing to international efforts toward these ends, consistent with its mandate."

The committee has agreed "to increase the resources available to the IMF through immediate financing from members of 250 billion dollars, subsequently incorporated into expanded and more flexible New Arrangements to Borrow (NAB), increased by up to 500 billion dollars, and to consider market borrowing if necessary," says the communiqué.

The committee will hold its next meeting in Istanbul, Turkey on October 4.


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