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G-7 financial chiefs to discuss global imbalances and currency

Last Updated: Friday, October 2, 2009 - 15:24

Istanbul: Finance chiefs from the Group of
Seven industrial powers will assemble on Saturday in Turkey for a
regular but unusually short gathering to reaffirm their
commitment to resolving global economic imbalances and discuss
a range of other macroeconomic issues such as currency.

In the meeting, which will probably run only for three
hours, the G-7 finance ministers and central bank governors
are expected to debate preparations to withdraw massive
stimulus packages at an appropriate timing when the global
economic recovery is ensured.

Echoing the agreements at the recent Group of 20
developed and emerging countries` summit in Pittsburgh in the
United States, the financial leaders are also likely to
pledge anew to do their utmost to nurture the budding signs
of economic recovery to sustainable growth, while confirming
they will not rush to unwind emergency steps soon, Japanese
officials said.
The International Monetary Fund said yesterday in its
twice-yearly World Economic Outlook report that it expects
global growth to recover to the 3 percent level in 2010 after
contracting in 2009 under the weight of the worst financial
crisis in generations.

The G-7 gathering will be followed by a series of IMF
and World Bank meetings, including their two-day annual
meeting on Tuesday and Wednesday in the Turkish city.

Bureau Report

First Published: Friday, October 2, 2009 - 15:24
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