IMF chief urges G20 countries to continue reforms process

Shanghai, Feb 26: International Monetary Fund (IMF) chief Christine Lagarde on Friday urged G20 countries to continue structural reforms process in order to restore confidence in short-term recovery.

Growth is slowing down throughout the world, making it important to continue discussing reforms, said Lagarde, during her opening address at a seminar within the framework of the summit of G20 finance ministers, which began in Shanghai earlier in the day, EFE news reported.

The IMF chief said growth in the world’s developed countries continued being modest and “in danger” in some emerging countries. All this affects financial markets and depresses sentiment about the state of the economy, making it important to boost confidence in short-term recovery, she added.

At another forum organised by the IMF on the sidelines of the summit, Lagarde urged G20 countries to act on the monetary and fiscal front and structural reforms.

The IMF has revised its growth forecast for the global economy to 3.4 percent for 2016 and 3.6 percent for 2017, according to the latest World Economic Outlook. (IANS)