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International Monetary Fund
Persistent challenges: The multi-speed nature of the global economic recovery is testing the system, with strains already appearing in the form of large capital inflows to many emerging market countries and exchange rate pressures. At the same time, slow employment growth, high indebtedness, and remaining financial sector fragilities in some countries could yet derail a fragile recovery. Only cooperative approaches will succeed in relieving tensions and building a strong and sustainable recovery, based on a more balanced pattern of global growth.
International Monetary Fund. External Relations Dept.

Andrew Tweedie, head of the team in the IMF’s Finance Department that is supporting the working group on quota and voice reforms, spoke to the IMF Survey about the status of the work, including the new quota formula and the proposal to increase members’ basic votes.

International Monetary Fund. External Relations Dept.

Timothy Geithner took up the reins as Director of the IMF’s Policy Development and Review Department in the fall of2001. Before coming to the IMF, he served from 1988-2001 in the U.S. Treasury, most recently as Under Secretary for International Affairs. Laura Wallace spoke with him about what it was like to be in the IMF after working closely with it during the financial crises of the 1990s. She also asked him for his thoughts on crisis prevention and resolution and on the role of the United States and other major industrial countries in international decision making.

International Monetary Fund. External Relations Dept.

Following is the text of the communiqué issued by the International Monetary and Financial Committee (IMFC) following the conclusion of its ninth meeting, which was held in Washington, D.C. on April 24, with Gordon Brown, Chancellor of the Exchequer of the United Kingdom, as its chair.

International Monetary Fund. External Relations Dept.

The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx

International Monetary Fund. External Relations Dept.

The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx

International Monetary Fund. External Relations Dept.

The IMF’s Managing Director won global backing at the Spring Meeting of the International Monetary and Financial Committee (IMFC) for his medium-term strategy to reorient the organization’s work so that it can better meet the demands of a more integrated world economy. The IMFC, the primary advisory committee of the Fund’s Governors, supported Managing Director Rodrigo de Rato’s vision for the organization and called on the IMF to make new efforts, including new multilateral consultations, to encourage actions to address issues of systemic relevance. The IMFC communiqué (see page 117) also asked the Managing Director to make concrete proposals for bringing voting shares into line with current realities in the world economy.

International Monetary Fund. Independent Evaluation Office

Abstract

Previous IEO Annual Reports have identified common themes emerging from earlier evaluations. Four themes have been emphasized in particular; they are the need for:

International Monetary Fund. External Relations Dept.

Mark Allen, a U.K. national, took over the reins as Director of the IMF’s Policy Development and Review (PDR) Department in December 2003. After joining the IMF in 1974, he gained experience with member countries worldwide, serving chiefly in PDR (and its earlier incarnations), but also doing stints in the African Department and as Senior Resident Representative in Poland and Hungary. Laura Wallace spoke with him about the IMF’s efforts to inject more stability into the global economy by better staving off financial crises and resolving those that do occur more quickly and less painfully.