Bickering clouds rescue efforts in financial crisis.[AFP photo]
George W. Bush, US Presidents, said, "All of us recognize that this is a serious global crisis and,therefore, requires a serious global response for the good of our people. We resolve to continue our strong efforts to return our economies to the path of stability and long-term growth. The United States has a special role to play in leading the response to this crisis."
A day earlier, G-7 officials issued a five-point plan to reverse the global credit crunch. Under the plan, countries are committed to protecting major banks and preventing their failure. They also vowed to get credit flowing more freely again, support the efforts of banks to raise money, bolster deposit insurance... and revive the mortgage finance market.
The IMF gave full support to the action plan.
Youssef Boutros Ghali, Chairman of IMF's Policy Panel, said, "The committee members also called on the fund to take the lead in providing emergency instruments and emergency funding to any of the countries that may need assistance, whether emerging or otherwise. The Fund can command substantial resources and therefore stands ready to assist any country that should need assistance."
The global crisis dominated discussions at the annual meetings of the IMF and World Bank over the weekend.
(CCTV October 13, 2008)