IMF chief hails ‘new era of collaborative global governance’
(RAW STORY) The International Monetary Fund took on a bigger global role Sunday as its 186 member nations accepted the mantle of guiding a lasting economic recovery from the 20 largest economies.
The IMF’s steering committee endorsed the Group of 20 summit plan for sustainable growth after the worst economic crisis in decades, including an increase in voting rights of at least five percent for under-represented countries.
At their Pittsburgh summit a little more than a week ago, the G20 largest rich and emerging-market economies, asked the IMF to help them shape a robust global economy and reform the fragile financial system.
The International Monetary and Financial Committee (IMFC), representing all members, backed the plan at a meeting in Istanbul ahead of the annual meetings of the IMF and World Bank that open Tuesday.
The panel vowed to maintain stimulus support of growth “until a durable recovery is secured” and take further steps as needed “to revive credit, recover lost jobs, and reverse setbacks in poverty reduction.”