With imbalances and fiscal strain threatening global economic recovery, the International Monetary Fund and World Bank on Saturday vowed to support strong, sustainable, balanced and inclusive growth in all member countries.
“We commit to do everything within our means to support strong and inclusive growth in all our member countries,” said a joint communiqué issued by the IMF and World Bank at the end of its annual meeting.
“We reaffirm the need to work cooperatively to meet our development commitments to achieve the Millennium Development Goals by 2015 and to support the poor in developing and emerging countries through this period of instability, as well as in the long-term,” the joint communiqué said.
“Volatile commodity prices and pressures on food security are critical challenges. We are alert to the possible global impacts of these issues, particularly for the poor. While developing countries have been the main contributors to recent economic growth, the crisis has reduced their capacity to withstand further shocks,” the joint communiqué said.
The IMF and World Bank also reiterated their commitment to job creation, especially by supporting the expansion of a vibrant private sector.