Published: Sun, October 20, 2019
Global News | By Blake Casey

IMF sidesteps clash with US over funding, delays shareholding changes to 2023

IMF sidesteps clash with US over funding, delays shareholding changes to 2023

"Major economies need to take action to durably strengthen investment, job creation and domestic growth", Mnuchin said.

Malpass, who took over as head of the World Bank earlier this year, said his focus for the meetings will be efforts to ensure that everything possible is done to restart global growth, given that the 700 million people living in extreme poverty - one in 12 people on the planet - will be the most harmed by a prolonged slowdown.

"Trade tensions are now taking a toll on business confidence and investment", she said in her opening address to the finance officials. Despite this slowdown of growth, Asia "remains the most dynamic region" in the world, accounting for more than 70 per cent of the global growth this year, Rhee said. "We need to have trade peace", she said.

The U.S. also still plans to impose tariffs December 15 on an additional $160 billion in Chinese products - a move that would extend the sanctions to just about everything China ships to the United States.

The IMF and World Bank meetings were expected to be dominated by the trade disputes triggered by the Trump administration's get-tough policies aimed at lowering America's huge trade deficits and boosting USA manufacturing jobs.

Meeting with reporters Thursday, Georgieva said a tentative U.S. So far, those efforts have made little headway.

French Finance Minister Bruno Le Maire told reporters at the International Monetary Fund on Friday that the real victor of a trade war between the United States and the European Union would likely be China. He said the European Union was ready to negotiate a settlement to avoid the tariffs but so far the US has rejected those efforts.

She said, "Fight corruption and make sure that the richness of Nigeria serves Nigerians inside the country and in that regard, the Fund a year ago adopted a very clear, strong policy on anti-corruption".

Brexit day of reckoning: parliament to vote on Johnson's deal
Even though Johnson believes this can be achieved by October 31, others think it would need a short "technical" delay. Letwin won't know until Saturday morning if his amendment has been selected for debate by Speaker John Bercow.


She said more must be done by the world's two biggest economies to resolve their disputes and that all nations must try to overhaul their trade rules.

Treasury Secretary Steven Mnuchin told reporters Wednesday that the USA and Chinese negotiators were working to hammer out details on this "phase one" agreement. "Our meetings this week are an opportunity for all parties to make progress in moving from a trade truce to a trade peace".

On October 8, in her first speech as International Monetary Fund chief, Georgieva had said that "We have spoken in the past about the dangers of trade disputes". The Trump administration has repeatedly attacked the Geneva-based World Trade Organization, saying it is biased against the United States.

Global trade and current account imbalances have been broadly unchanged in recent years, and their high degree of persistence across major economies is contributing to the build-up of future risks, Munchin said.

Tensions seemed to ease October 11, when a new round of trade negotiations saw the US agree to suspend a planned hike in tariffs on $250 billion of Chinese goods that had been set to kick on October 15.

"From the very beginning, we have made it very clear that we want to avoid a trade war", Le Maire said.

He said he and U.S. Trade Representative Robert Lighthizer would speak by phone with Chinese Vice Premier Liu He, the head of the Chinese negotiating team, next week and planned to meet with him in Santiago, Chile, before the Asia Pacific Economic Cooperation leaders' summit on November 16-17.

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