ID :
49953
Tue, 03/10/2009 - 21:33
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https://oananews.org//node/49953
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Japan to call for IMF, ADB capital boost at G-20 meeting+
TOKYO, March 10 Kyodo - Japan will seek capital boost of the International Monetary Fund and the Asian Development Bank at a meeting of the Group of 20 finance ministers and central
bankers beginning Friday, so that those institutions can better help countries hit by the ongoing economic crisis, a senior Finance Ministry official said Tuesday.
The official, who spoke on condition of anonymity, said the flow of funds to
developing economies has been tapering off amid the current global economic
downturn, and that the role of multilateral development banks has become all
the more important.
He said the G-20 finance ministers and central bank governors will likely
discuss at the two-day gathering in the suburbs of London reforms in the
governance of the IMF and other international financial institutions so as to
increase emerging and developing economies' say.
During the global financial summit held last November in Washington, Prime
Minister Taro Aso pledged to contribute up to $100 billion to the IMF to expand
its lending capacity and called for an early capital increase for the ADB,
which currently has limited room for new lending.
The official expressed expectations that the second financial summit to be held
in London on April 2 will endorse the specific amount of capital boost for the
Manila-based bank.
Aside from the overhaul of the Washington-based lender and multilateral
development banks, the official said the G-20 financial chiefs will likely
confirm that they will take every possible measure and cooperate with each
other to buoy their flagging economies and ensure job security.
The financial leaders will also take up the issue of tightening regulations
over hedge funds and credit-rating agencies, keeping closer tabs on tax havens
and clarifying accounting rules, he said.
In addition, the G-20 ministers and central bankers are expected to talk about
ways to counter rising protectionist movement to shield domestic economies from
the fallout of the current turmoil, the official said.
From Japan, Finance Minister Kaoru Yosano and Bank of Japan Deputy Governor
Kiyohiko Nishimura are scheduled to attend the G-20 gathering.
The upcoming event will be a preparatory meeting for the April 2 London Summit
and will review progress made so far in the 47-point action plan for financial
reforms adopted in the Washington summit. The action plan has to be implemented
by March 31.
==Kyodo
2009-03-10 21:31:53
bankers beginning Friday, so that those institutions can better help countries hit by the ongoing economic crisis, a senior Finance Ministry official said Tuesday.
The official, who spoke on condition of anonymity, said the flow of funds to
developing economies has been tapering off amid the current global economic
downturn, and that the role of multilateral development banks has become all
the more important.
He said the G-20 finance ministers and central bank governors will likely
discuss at the two-day gathering in the suburbs of London reforms in the
governance of the IMF and other international financial institutions so as to
increase emerging and developing economies' say.
During the global financial summit held last November in Washington, Prime
Minister Taro Aso pledged to contribute up to $100 billion to the IMF to expand
its lending capacity and called for an early capital increase for the ADB,
which currently has limited room for new lending.
The official expressed expectations that the second financial summit to be held
in London on April 2 will endorse the specific amount of capital boost for the
Manila-based bank.
Aside from the overhaul of the Washington-based lender and multilateral
development banks, the official said the G-20 financial chiefs will likely
confirm that they will take every possible measure and cooperate with each
other to buoy their flagging economies and ensure job security.
The financial leaders will also take up the issue of tightening regulations
over hedge funds and credit-rating agencies, keeping closer tabs on tax havens
and clarifying accounting rules, he said.
In addition, the G-20 ministers and central bankers are expected to talk about
ways to counter rising protectionist movement to shield domestic economies from
the fallout of the current turmoil, the official said.
From Japan, Finance Minister Kaoru Yosano and Bank of Japan Deputy Governor
Kiyohiko Nishimura are scheduled to attend the G-20 gathering.
The upcoming event will be a preparatory meeting for the April 2 London Summit
and will review progress made so far in the 47-point action plan for financial
reforms adopted in the Washington summit. The action plan has to be implemented
by March 31.
==Kyodo
2009-03-10 21:31:53
