The world's finance ministers and central-bank governors have wrapped up their twice-yearly talks on the global economy.
Below is a summary of what happened at the Spring Meetings of the International Monetary Fund and the World Bank in Washington:
MORE MONEY FOR THE IMF TO CONTAIN EUROZONE CRISIS
- IMF member countries pledged USD 430 billion in new loans to the Fund, doubling its ability to help economies struck by fallout from the euro zone crisis. More could yet come from emerging economies. Officials stressed the money was not specifically for use in Europe, but the bigger war-chest may help ease concerns that Spain and Italy lack a sufficiently large backstop if they cannot raise money in debt markets.
EUROPE UNDER PRESSURE TO TACKLE DEBT CRISIS
- After Friday's agreement to beef up the IMF's anti-crisis resources and with a recently enlarged bailout fund of its own, Europe came under pressure from other countries to make reforms to cut debt levels and restore growth. The euro zone was the only economy singled out in a set of broad policy recommendations by the IMF's steering committee. Germany's finance minister tried to share the unwelcome spotlight with other big economies, saying the United States and Japan urgently needed to address their own fiscal problems. European Central Bank officials fended off suggestions they should do more to help growth in the euro zone.
EMERGING ECONOMIES PUSH FOR LONG-DELAYED IMF VOTING REFORM
- Some developing economies, with Brazil the most vocal among them, expressed frustration at the slow pace of reforms to give them more say at the IMF, especially as they are willing to contribute more money to the Fund. The IMF's steering committee called on its members to ratify "expeditiously" a 2010 plan to increase representation of emerging economies on the IMF's executive board. Brazil said this was an essential condition for it to provide the IMF with extra funding, although the reform is not expected to happen before the U.S. election in November.
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