Downing Street Says

» Monday, November 10, 2008

IMF

Asked how long it would take to reform the IMF, the PMS replied that there was clearly going to be a substantial debate about the reforms needed in the international financial system and we would not anticipate that debate to be concluded this weekend. As the Americans and others had made clear, we would anticipate the meeting at the weekend as the first of a series of meetings. It was important that we got these things right, but it was also important that we did take a radical look at the international financial architecture and look at all the necessary changes we needed to make. Asked if there was another summit planned in 100 days, the PMS said in terms of exactly what happened following this summit, it was probably best to wait until this coming summit had happened. This was something that would to be agreed by all countries at the summit.

Asked whether decisions would have to be made before Barack Obama was sworn in as President, the PMS said he did not think it was necessarily related to that issue. It was more about ensuring that once there was high-level agreement by the leaders on the right way forward, there was then detailed work undertaken by finance ministers and others on how we might implement this in practice.

Asked if the Government anticipated sums being announced in terms of the IMF fund, the PMS said there was an ongoing discussion about the extra resources the IMF needed. There was also an ongoing discussion about the wider reforms that would need to be made to the IMF and people needed to put these two issues alongside each other. As to where we got to on both, the PMS advised people to see what came out of the summit.

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IMF

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