At the IMF/World Bank meetings in Washington, DC, Finance Ministers emphasised the contribution the Fund and World Bank can play in the reconstruction of Iraq as well as the need for enhanced international cooperation in order to improve confidence and strengthen the global economy.
In statements to the meeting of the IMF's International and Financial Committee and the World Bank's Development Committee meetings on 12 and 13 April, 2003, Senator Campbell highlighted:
- That it is vital that the Doha trade round succeed in order to demonstrate the benefits of international cooperation, bolster confidence and promote stronger world growth. The success of Doha is particularly important for developing countries as trade is a critical ingredient for the promotion of growth and the fight against poverty.
- The responsibility of the major economies to deliver policies that will enhance prospects for a sustained global recovery.
- The vital role of the IMF and World Bank in helping to strengthen the global economy to respond to the needs of members including those adversely affected by the conflict in Iraq, as well as to assist low-income countries generate sustained growth and reduce poverty.
Finance Ministers acknowledged that they were meeting at a time of uncertainty and there was a need for flexibility in policies in order to strengthen the global recovery. Efforts are needed to achieve a sound medium term fiscal position in the United States, accelerated labour and market reforms in Europe, and to strengthen the Japanese banking and corporate sectors and end deflation.
The significant challenges posed by the situation in Iraq were acknowledged. Ministers emphasised that the IMF and World Bank should stand ready to play a leading role in Iraq's re-development.
In the face of global uncertainty, Senator Campbell emphasised that renewed efforts were required by the Fund and Bank to reduce poverty and work towards the Millennium Development Goals.
WASHINGTON
13 April 2003
Contact: Colin Edwardes 0409 602 348 or Wayne Grant 0407 845 280