Press Release No. 14/434

Press Release: IMF Managing Director Christine Lagarde Commends Progress on G20 Growth Strategies, Calls for Further Action to Strengthen the Recovery

September 21, 2014

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today at the conclusion of the Group of 20 (G20) Finance Ministers and Central Bank Governors Meeting in Cairns, Australia:

“Despite the global recovery continuing, the pace of growth remains low and uneven, in part given increased geopolitical tensions and risks of financial market turmoil. Promoting economic policies that can contribute to a more robust and job-rich recovery is therefore critical at this stage.

“I commend G20 countries for significant progress in developing growth strategies to lift medium-term growth. According to our preliminary assessment with the OECD, the commitments made to date as part of these strategies have the potential to raise the collective GDP of the G20 by about 1.8 percent by 2018, compared to the 2 percent goal set earlier this year in Sydney. This is an important achievement, and final efforts should be made to reach the agreed goal.

“Determined implementation will be crucial in the years to come, and while this process should remain country led in the spirit of the G20 effort, the IMF is ready to help in monitoring the effort. The Fund will continue to support sound monetary and fiscal policies, including through the analysis of spillovers, to promote broad and equitable growth. The IMF has also been asked to help the G20 work on a global response to cross-border tax avoidance and evasion that will support growth-enhancing fiscal strategies.

“I note the G20 call for progress in making effective the IMF’s 2010 Quota and Governance Reform. We share the sense of importance of rapid progress and implementation, and urge our member countries to complete the reform.

“I would like to thank the Australian authorities, including Prime Minister Tony Abbott, Treasurer Joe Hockey, and Reserve Bank of Australia Governor Glenn Stevens, for hosting and leading us during the productive discussions in Cairns. We look forward to productive outcomes from the Brisbane summit in November.”