The Crest of the Commonwealth of Australia Treasury Portfolio Ministers
Picture of Wayne Swan

Wayne Swan

Deputy Prime Minister and Treasurer

3 December 2007 - 27 June 2013

8 October 2008

NO.110

Treasurer to Attend IMF and World Bank Annual Meetings

Today I am travelling to the Annual Meetings of the International Monetary Fund (IMF) and World Bank held in Washington DC to continue the Government's strong advocacy for effective international responses to the global financial crisis.

These meetings come at a critical time for the world economy, as upheaval on global financial markets underscores the need for concerted international action to tackle the underlying causes of the crisis.

The global nature of recent economic challenges - as highlighted by yesterday's Reserve Bank decision - makes it all the more important that Australia is engaged at the highest levels to help build these effective global responses.

In particular I will urge adoption of the reform program put forward by the Prime Minister in his speech to the UN General Assembly on 25 September, aimed at strengthening prudential regulation and the global financial architecture.

I will also be highlighting the significant strengths of the Australian economy, including our strong budget position, strong terms of trade, well-regulated financial system as well as the Government's program of investment in critical economic infrastructure.

I will meet with key central bankers, ministerial counterparts, senior US Administration officials, the IMF Managing Director, World Bank President, financial market participants and others. This will provide up to date assessments of financial market vulnerabilities and US domestic regulatory responses, as well as views on global and regional growth prospects and challenges.

I will also deliver a keynote speech on "Adapting our Architecture to Challenging Times" to the Brookings Institution on Friday.

I will represent Australia's IMF and World Bank constituencies at meetings of the International Monetary and Financial Committee (IMFC) and Development Committee. The IMFC meeting will consider recent developments in the global economy and financial markets, and the IMF's role in helping prevent future financial crises. The Chairman of the Financial Stability Forum will report to the IMFC on progress in implementing the Forum's recommendations for enhancing market and institutional resilience.

The Development Committee meeting will consider key development challenges, including the impact of recent economic developments on poverty. I will also attend a meeting of finance and development ministers to discuss carbon markets and highlight Australia's actions to address climate change.

The IMFC and Development Committee are the Ministerial policy committees of the IMF and World Bank, each comprising 24 members representing the 185 member countries of the two institutions. I will also attend a joint meeting of the IMF/World Bank Boards of Governors and will meet with senior representatives of US financial markets in New York.

8 October 2008