WORLD FINANCE LEADERS MEET FOR TALKS ON GLOBAL ECONOMY

23.04.2010 [13:04]
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Baku, April 23 (AZERTAC). Finance ministers and central bankers from developing and advanced economies are gathering for meetings Friday through Sunday of the World Bank and International Monetary Fund, according to VOA.

During the next few days, the International Monetary Fund and the World Bank will host meetings in Washington that bring together officials from industrialized nations and the Group of 20 nations that includes the world`s rich and emerging economies.

International Monetary Fund managing director Dominique Strauss-Kahn says one of the key goals of the meetings will be to discuss ways to sustain the world`s rebound from the global financial crisis.

"The world is still a dangerous place. And I would not like too many people [to] have in mind that the crisis is over and that everything is fine and that we can go back to business as usual," said Strauss-Kahn.

Officials are facing tough discussions, including a proposed tax on banks that seeks to cover the cost of possible bailouts in the future.

Following the global financial crisis, governments around the world spent trillions of dollars to prop up markets after risky investments turned sour. Those bailout initiatives sent many countries into further debt.

The new measures for banks seek to impose a levy as well as a further tax on lenders and other financial institutions profits and pay.

G-20 leaders asked the IMF to look into how a tax on financial institutions could be applied globally when they met late last year in the United States.

"Multilaterialism and political policy cooperation is obviously the great legacy of this crisis. And our point is that it has to be maintained in the post-crisis world," he said.

Strauss-Kahn says that during the next few days officials will be working on a draft version of a paper on tax systems that will be presented at a G-20 meeting of heads of state this June in Toronto, Canada.

Ministers will also discuss rebalancing the global economy. The task is particularly challenging because of the growing differences between the recovery in emerging and advanced economies. While Brazil, China and India have emerged from the downturn in good shape, their European, U.S. and Japanese counterparts have not fared as well.

WORLD FINANCE LEADERS MEET FOR TALKS ON GLOBAL ECONOMY

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