This afternoon the Assistant Treasurer, Senator Nick Sherry, is travelling to the Annual Meetings of the International Monetary Fund (IMF) and World Bank in Istanbul, Turkey, to continue the Rudd Government's strong advocacy for effective international collaboration in the face of the global recession.
These meetings follow the Prime Minister's and Treasurer's recent attendance at the G20 Leaders Summit in Pittsburgh which focused on the global response and agreed on a framework for strong, sustainable and balanced world growth.
"As growth resumes, it will be critical to further strengthen the IMF and World Bank to reduce the likelihood of future crises and to mitigate the damage that future financial market fluctuations have on all countries, but developing countries in particular," the Assistant Treasurer said.
The Istanbul meetings will advance this reform agenda, with a particular focus on ensuring the IMF and World Bank have more representative governance arrangements and relevant mandates. Australia has been a strong advocate of these reforms both within the G20 and the institutions themselves.
The Assistant Treasurer will represent Australia's World Bank constituency at the meeting of the Development Committee, which will consider World Bank resourcing and governance reforms.
"The G20 made it very clear that the IMF and World Bank have a task ahead of them to move further towards more representative governance arrangements," the Assistant Treasurer said.
The Minister will attend a session of the (IMFC), where South Korea is currently representing our constituency, to consider ongoing risks to the global economy and financial system, including the implementation of a global early warning system.
"Iwill be seeking up-to-date assessments of financial market vulnerabilities and global responses, as well as views on global and regional growth prospects and challenges," the Assistant Treasurer said.
The Assistant Treasurer will also hold talks with Ministerial representatives from the Pacific, East Asia, Central Asia, Europe and Africa, in addition to meeting with the World Bank Managing Director Dr Juan Jose Daboub, the IMF Deputy Managing Director, Mr Murilo Portugal and the Vice President of the Asian Development Bank, Mr Larry Greenwood.
Finally, the Assistant Treasurer will also hold talks with international representatives of major private sector financial institutions and international investors.