Global financial industry group The Institute of International Finance (IIF) has called on the International Monetary Fund (IMF) boost funds to aid the global economy.
The IIF has called on IMF to “put into place the resources that have been committed (by the G20)” in order to deal with the deteriorating world economy.
The call was made by IIF managing director Charles Dallara, in a letter written to the head of the IMF’s policy-steering committee, Youssef Boutros-Ghali, emphasising the pledges made at the G20 summit in London needed to be carried through.
“Time and leadership are of the essence. Only with funds in hand can the IMF provide timely and meaningful assistance to emerging economies that have been severely affected by a crisis originating elsewhere,” the letter said.
The IIF called for the IMF to improve its surveillance of the global financial system and launch a framework that allows for interaction with private-sector market participants that would feed back into economies.
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