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● Our reporter Peng Yang
According to the People's Bank of China website on April 21, the International Monetary Fund (IMF) will hold the 49th International Monetary and Financial Committee (IMFC) meeting in Washington, D.C., from April 18 to 19, 2024. Pan Gongsheng, President of the People's Bank of China, said that since this year, China's economic operation has continued to pick up and improve, and high-quality development has been steadily promoted, laying a solid foundation for achieving the annual economic and social development goals. The prudent monetary policy is flexible, appropriate, accurate and effective, strengthens counter cyclical adjustment, comprehensively uses interest rates, reserves, re loans and other tools, effectively serves the real economy, effectively prevents and controls financial risks, and creates a suitable monetary and financial environment for the economic recovery.
The meeting believed that the global economy showed resilience and was expected to achieve a soft landing, but the recovery was still uneven among countries. The current work focuses on achieving price stability, strengthening fiscal sustainability, maintaining financial stability, and promoting inclusive and sustainable economic growth. The meeting reiterated its support for a strong, quota based and well resourced IMF as the core of the global financial safety net, and called on the Executive Board of IMF to form an overall arrangement to guide the share proportion adjustment by June 2025, including the conclusion of a new share formula. The meeting supported IMF to continue to help member countries deal with debt risks, welcomed the recent progress in debt treatment of low-income countries, and looked forward to reviewing and improving the debt sustainability analysis framework of IMF and the World Bank for low-income countries.
Pan Gongsheng said that the adjustment of share proportion is crucial to the governance, representativeness and legitimacy of the Fund. All parties should cooperate to promote the share reform of IMF, reach consensus on the new share formula as soon as possible, and lay the foundation for realizing the share proportion adjustment. Debt treatment should adhere to the principle of "common action and fair burden", multilateral development banks should make due contributions, and private sector creditors should participate in restructuring in a comparable manner.
In addition, from April 16 to 19, when Pan Gongsheng attended the spring meeting of the International Monetary Fund/World Bank in Washington, D.C., the United States, he successively met with the Minister of Finance of Saudi Arabia, Chairman of the International Monetary and Financial Committee (IMFC) Jadhan, Chairman of the Financial Stability Board (FSB), President of the Netherlands Central Bank Nott, and Governor of the Swiss Central Bank Jordan, Jamil Ahmed, governor of the Bank of Pakistan, exchanged views on topics of common concern.
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