IMF is committed to a “robust, balanced, and job-rich global economy”

On Saturday the IMF warned that despite robust growth in advancing economies, developing economies are facing pressure from weak commodity prices and exports.

The organization said that it is committed to implementing new measures to promote a “more robust, balanced and job-rich global economy”.

IMF

In a communique the IMF called for easy monetary policies to be maintained where needed.

“Global imbalances are reduced from previous years, but a further rebalancing of demand is still needed,’’ it said.

Mario Draghi, head of the European Central Bank, said it was “urgent” to mend the dispute between Greece and its creditors.

He said that a Greek default would send the world economy into “uncharted waters”.

The policy-setting panel for the World Bank was concerned about the inequality of global growth. It pledged to work with the IMF to offer economic support to countries that have been affected by plunging commodity prices.

“I came out of this meeting with a sense of optimism,” said the chairman, Mexican Finance Minister Agustin Carstens. “The fact that a lot of the discussion basically rotated around how to increase growth … and not only discussing risks — I think that was a very good sign.’’

Oxfam said that it was disappointed at the lack of effort by the IMF and World Bank to look for new ways to reduce widening income gaps.

Nicolas Mombrial, head of the Washington office of Oxfam International, said:

“Given that rising inequality continues to make the headlines everywhere in the world, it is surprising how the issue remained almost totally absent from these spring meetings,”