The Assistant Treasurer, Senator the Hon Rod Kemp, welcomed the outcomes of the meetings of the so-called Willard Group of 22 countries, the Interim Committee of the International Monetary Fund and the Development Committee of the World Bank, held in Washington D.C. on 5-7 October 1998.
Senator Kemp said he believed the meetings were important in focusing countries attention on the steps which need to be taken to address current global financial problems and reforms to reduce the frequency and magnitude of future crises.
In his statement to the IMF/World Bank (attached), Senator Kemp re-iterated the crucial role that Japan must play in addressing the current global financial crisis. He also emphasised the importance of countries efforts to strengthen their financial systems and to promote greater transparency in both the public and private sectors. Senator Kemp said that Australia is at the forefront of world best practice in these areas.
Senator Kemp noted that although the IMF had recently revised downwards its forecasts, the world economy was still expected to grow, underpinned by solid growth in North America and Europe. Senator Kemp noted that the Australian Governments sound economic policies and reforms had allowed Australia to also grow solidly despite the difficulties being faced by our Asian trading partners.
7 October 1998
Washington D.C.
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