IMF to set G20 current account guidelines

0 CommentsPrint E-mail Xinhua, November 12, 2010
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The International Monetary Fund (IMF) managing director Dominique Strauss-Kahn said here on Friday IMF will set "indicative guidelines" to reduce excessive current account imbalances that reflect different conditions of G20 countries.

The leaders from the Group of 20 advanced and emerging countries agreed on Friday at the Seoul summit to establish indicative guidelines to reduce unsustainable surpluses and deficits.

Commenting on the Seoul Declaration, which was endorsed by the 20 leaders on Friday afternoon, Strauss-Kahn said "the IMF needs to take into account many elements that reflect different circumstances."

As the size of a sustainable current account imbalance cannot be the same for advanced and developing economies and countries that are oil exporters, it was not practicable to set uniform targets like linking the size of a surplus or deficit to the gross domestic product, he told reporters at a press briefing at the venue of the summit meeting.

Strauss-Kahn also expressed confidence of the implementation of the G20 leaders' declaration, even though the process will take quite some time.

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