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IMF Managing Director Christine Lagarde Urges Delivery on G20 Growth Commitments

Press Release No. 15/43
February 10, 2015

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today at the conclusion of the Group of 20 (G20) Finance Ministers and Central Bank Governors Meeting in Istanbul:

 “I strongly support the G20's call for action to implement the policy commitments of the Brisbane Action Plan which can raise global growth by at least 2 percent and create millions of new jobs over the next four years. Given the risk of persistent low growth and high unemployment faced by many countries, time is of the essence.

“The agreement on a robust monitoring framework for these growth strategies is welcome. In particular, the intention to focus on the key actions that promise to have the greatest impact on growth will enhance progress at the country level. The IMF will continue to support the G20 in this process, including preparation of the first accountability report for the Antalya Leaders' Summit in November.

“This year has the potential to be a special moment for global collective action, and I welcome the Turkish Presidency’s inclusion of the post-2015 development agenda in its priorities for the G20's work. Three milestones offer an important opportunity to shape sustainable development strategies for the 21st century: the Financing for Development Conference, implementation of the new Sustainable Development Goals, and the Climate Change Summit. The international community must work together effectively to seize this moment, and the IMF will play its part in all of these areas.

“The IMF's creation of the Catastrophe Containment and Relief Trust (CCR) delivers on a commitment we made at the Brisbane Summit to strengthen our support for the countries most affected by the Ebola epidemic. In particular, this new facility will enable the Fund to provide $100 million in grants for debt relief -- the first international organization to do so. With additional contributions from the international community, the CCR will be able to assist eligible low-income countries threatened by major natural catastrophes or health pandemics. In this context, I strongly welcome the pledges made recently by the United Kingdom and serious consideration by other members.

“I share the G20’s disappointment with the continued delay in achieving the 2010 Quota and Governance reforms and agree that any interim option should constitute a meaningful step towards the full implementation of those reforms, and not a substitute. Work on this matter will continue with a view to further discussion by our membership at our Spring Meetings.

“I would like to thank the Turkish authorities, including Deputy Prime Minister Ali Babaçan, and Central Bank Governor Erdem Başçı, for graciously hosting this first in our series of G20 meetings in 2015. As always, I also greatly appreciate the wonderful hospitality of the Turkish people.”

For more:

Christine Lagarde: Time to Time to Act on the G-20 Agenda: The Global Economy Will Thank You

IMF Surveillance Note for the G20, February 6, 2015

IMF to Provide Grants for $100 Million in Debt Relief to Ebola-hit Countries