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Statement by IMF Managing Director Christine Lagarde on the G-20 Finance and Central Bank Governors Meeting in Mexico City

Press Release No. 12/413
November 5, 2012

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today at the conclusion of the Group of 20 (G-20) finance ministers and central bank governors meeting in Mexico City: 

“I would like to thank Finance Minister Jose Antonio Meade and Governor Agustín Carstens for hosting the G-20 Ministerial meeting and to note the excellent work of the Mexican authorities as the chair of the Group of 20. Thanks to the effective leadership of the Mexican Presidency, the G-20 made considerable progress towards stabilizing the global economic recovery. In particular, the Mexican authorities were instrumental in our efforts to create a US$461 billion global firewall that puts the IMF in a better position to help its 188 member countries restore sounder economic and financial conditions worldwide. The Mexico-led G-20  supported further enhancements to our financial and macroeconomic surveillance, which will help us improve our ability to detect and deter vulnerabilities in an ever more interconnected world economy.

“That said, the global economic context remains difficult and the fragile recovery remains at risk if the needed policy actions are not implemented. It will be important for the U.S. to address quickly the so-called fiscal cliff. Time is of the essence, and significant policy uncertainty in Washington must be addressed. Japan faces similar challenges, and must also quickly articulate a course of action. Europe, in turn, remains a challenge globally and must deliver on its policy commitments to assure a more stable euro zone. Discussions over the past two days in Mexico City point to a shared sense of urgency among all stakeholders, and make me believe that there is now a higher probability of success on the policy front.

“The IMF remains committed to do its part, by actively seeking solutions to ensure that economic policies at the national and multilateral level promote stronger growth, create more jobs, and reduce poverty worldwide. We have also made significant headway, as we noted at our recent Annual Meetings in Tokyo, on supporting the world’s poorest countries through financing of our Poverty Reduction and Growth Trust, a pool to finance concessional loans. We will also continue to work hand in hand with G-20 countries in the months ahead to complete important governance reforms that will help maintain the legitimacy of the IMF, particularly in the context of the evolving role globally of emerging and developing countries. In this context, we welcome the G-20 agreement on the principles of a new quota formula and the reaffirmed commitment to complete the next general review of quotas by January 2014.

“In sum, the G-20 ministerial meeting in Mexico City is a mile post in the ongoing efforts of the public policy community to restore stronger global growth. This is a complex process in which there is a clear understanding that the pace of action is important. We look forward to the continued efforts of the G-20 under the leadership of Russia in this regard.”