ID :
175820
Sat, 04/16/2011 - 19:21
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Shortlink :
https://oananews.org//node/175820
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IMF to weigh risk of Japan's crisis undermining global economy
WASHINGTON, April 16 Kyodo - The policy-setting body of the International Monetary Fund met Saturday to discuss the risk of Japan's economic slump triggered by the March 11 earthquake and the nuclear crisis undermining the world economy.
At a biannual meeting of the International Monetary and Financial Committee, Japanese Finance Minister Yoshihiko Noda is expected to explain about how Tokyo will carry out reconstruction work in disaster-hit northeastern Japan.
With radiation spreading from the crippled Fukushima Daiichi nuclear power plant, he may discuss the nuclear disaster to prevent unsubstantiated rumors about radioactive contamination from marring Japan's trade with other countries.
IMF Managing Director Dominique Strauss-Kahn said earlier this month that uncertainty prevails in the world economy, with the impact of the earthquake and ensuing nuclear crisis on the Japanese economy remaining unclear.
The Group of 20 financial chiefs, who wrapped up their two-day meeting in Washington on Friday, warned that Japan's economic downturn is a downside risk to the global economy, underscoring their concern over the aftermath of the country's nuclear disaster.
At the IMFC, which was set up in 1999, participants from 24 member nations are also expected to talk about issues such as whether the Chinese currency should be included in the composition of the special drawing rights, a quasi-currency the IMF uses as its unit of account. The SDR is now composed of the dollar, euro, yen and pound.
Meanwhile, the joint IMF-World Bank Development Committee will meet later Saturday to discuss recent commodity price hikes worldwide, which could hamper economic recovery across the globe.
World Bank President Robert Zoellick said Thursday that global food prices have soared 36 percent from a year ago and they are now in ''a danger zone.''
At a biannual meeting of the International Monetary and Financial Committee, Japanese Finance Minister Yoshihiko Noda is expected to explain about how Tokyo will carry out reconstruction work in disaster-hit northeastern Japan.
With radiation spreading from the crippled Fukushima Daiichi nuclear power plant, he may discuss the nuclear disaster to prevent unsubstantiated rumors about radioactive contamination from marring Japan's trade with other countries.
IMF Managing Director Dominique Strauss-Kahn said earlier this month that uncertainty prevails in the world economy, with the impact of the earthquake and ensuing nuclear crisis on the Japanese economy remaining unclear.
The Group of 20 financial chiefs, who wrapped up their two-day meeting in Washington on Friday, warned that Japan's economic downturn is a downside risk to the global economy, underscoring their concern over the aftermath of the country's nuclear disaster.
At the IMFC, which was set up in 1999, participants from 24 member nations are also expected to talk about issues such as whether the Chinese currency should be included in the composition of the special drawing rights, a quasi-currency the IMF uses as its unit of account. The SDR is now composed of the dollar, euro, yen and pound.
Meanwhile, the joint IMF-World Bank Development Committee will meet later Saturday to discuss recent commodity price hikes worldwide, which could hamper economic recovery across the globe.
World Bank President Robert Zoellick said Thursday that global food prices have soared 36 percent from a year ago and they are now in ''a danger zone.''
