The Crest of the Commonwealth of Australia Treasury Portfolio Ministers
Picture of Peter Costello

Peter Costello

Treasurer

11 March 1996 - 3 December 2007

Media Release of 05/04/2007

NO.023

Treasurer to visit London and attend IMF meeting in Washington

The Treasurer will be visiting London and Washington DC on official business from 9-14 April. 

During his time in London, the Treasurer is scheduled to meet with Governor Mervyn King of the Bank of England and Mr John Tiner, Chief Executive of the Financial Services Authority, which regulates the financial services industry in the United Kingdom.  The Treasurer will also meet with senior fund managers to discuss the Australian and world economies.  In addition, the Treasurer will deliver a speech on Australia’s economic performance and the results of the 2007 Intergenerational Report. 

In Washington the Treasurer will be attending the Spring meetings of the International Monetary Fund (IMF), representing Australia’s IMF constituency at the meeting of the International Monetary and Financial Committee (IMFC).

The IMFC will consider key issues relating to the global economy and financial markets, the IMF’s economic policy surveillance, IMF quota and voice reform, and the Fund’s role in emerging market and low‑income member countries.

Australia has been a leader in the debate on IMF quota reform, including through its chairmanship last year of the Group of 20 advanced and emerging market economies.  Reform is driven by the need to recognise the growing economic weight of emerging market economies, including key countries in the Asian region.  IMFC discussions will progress the further work needed to implement the broad package of reforms agreed last September at the IMF/World Bank Annual Meetings in Singapore.

While in Washington, the Treasurer will meet with key US Administration officials, including Treasury Secretary Henry Paulson, to discuss a range of issues of mutual interest.  The Treasurer will also take the opportunity to meet with counterparts from other countries.

5 April 2007

Contact:
David Gazard - 03 9650 0244


Background

The IMFC comprises 24 of the IMF’s 145 member Board of Governors and provides guidance to the IMF Executive Board on matters of IMF policy.  The Treasurer is the Governor for Australia of the IMF and World Bank.

The IMF constituency of which Australia is a member also comprises Kiribati, Korea, Marshall Islands, Federated States of Micronesia, Mongolia, New Zealand, Palau, Papua New Guinea, Philippines, Samoa, Seychelles, Solomon Islands and Vanuatu.

IMF quotas are the basis for members’ financial contributions, drawings and voting rights in the Fund.