24.4.09

The crisis is far from over

The leaders of the International Monetary Fund and World Bank promised new resources to fight global worst economic decline since the Great Depression in 1930's. They also warn that the crisis is far from over. 

Dominique Strauss-Kahn, IMF Director of Management, said the leaders in the U.S. and Europe need to fulfill the promise they made in the G-20 meeting in London to improve the banking system. To do this is to remove assets from the balance sheet banking problems. With the right policies, the world economy seems to be improved in the first semester 2010. "We will still face economic pressure," said Strauss-Kahn. 

He added, may be needed more stimulus to be held in each country in 2010. The Board of IMF agreed to increase the loan limit for the 78 poorest countries to avoid more pressure because they bad global economy. 

Meanwhile, World Bank President Robert Zoellick said the funds will provide as much as 45 billion U.S. dollars in the next three years to support development projects and road infrastructure in the poorest countries. 

Discussion that began with a meeting of ministers from developing countries G-7 members, namely the U.S., Japan, Germany, France, UK, Italy, and Canada. Then followed a meeting with the group developed countries and developing countries G-20, such as China, Russia, India, and Brazil. 

Improve bank 

U.S. Finance Minister Timothy Geithner will emphasize that improving the U.S. banking system is a priority. An important component of the effort is the "stress test" which is currently done by the middle of the 19 bank regulators. 

The test will measure how the bank is safe in the midst of the recession and is intended to determine which institutions require more capital again. Additional capital, if needed, can come from the private sector or government. Ministry of Finance is expected to issue results of "stress test" is the local time on Friday. World Bank, said funds 45 billion U.S. dollars that is designed to support job creation and help the recovery crisis. U.S. and Europe, Zoellick said, should already take into account long prerogative back and let developing countries have more voice in the management of the World Bank. Amount of 45 billion U.S. dollar means that 15 billion U.S. dollars more than the amount that the World Bank spent three years before the crisis occurred

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