Press Release No. 15/517

Press Release: Lagarde Urges Full Implementation of G20 Agenda

November 16, 2015

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement at the conclusion of the Group of 20 (G20) Summit in Antalya, Turkey:

“We met in Antalya with the horrific images of the attacks in Paris on our minds and with our hearts going out to the victims and their loved ones. The G20 leaders expressed their abiding solidarity with the people of France and their unwavering commitment to defeat terrorism.

“Turning to the global economy, after a modest and uneven expansion in 2015, growth at 3.6 percent is forecast for next year, which would be the fastest pace since 2011. Three significant transitions weigh on the outlook: the normalization of the U.S. Fed's monetary policy; China’s rebalancing of its growth model; and the end of the decade-long commodity super cycle. A set of policy upgrades can help to manage these transitions: 

• Lifting today's growth: by combining demand support through accommodative monetary policy in most advanced economies with supportive fiscal policies where conditions allow;

• Bolstering resilience: by strengthening the financial sector through completion of the regulatory reform agenda; and 

• Safeguarding the future: by implementing the G20's growth strategies agreed in Brisbane last year. The IMF's assessment shows that about half of the promised measures have been implemented--and I urged even greater focus in this area. I also welcomed the commitment to reduce youth unemployment in G20 countries by 15 percent by 2025, which follows the 2014 commitment to reduce the gender gap by 25 percent.

“The G20 expressed strong support for the Sustainable Development Goals (SDGs) and the Addis Ababa Action Agenda related to their financing. The IMF is participating in this effort by increasing our financial support and policy advice to low-income countries.

“The G20 also addressed the ongoing refugee crisis and migration movement, emphasizing that the global community must work together to address the complex issues involved. The IMF will support this effort.

 “The Antalya Action Plan makes clear that global cooperation is key to addressing the challenges facing the world today--from climate change to reform of international taxation and the international monetary system. On the latter topic, I noted the IMF's upcoming review of the Special Drawing Right (SDR) and the Fund’s staff recommendation to include the Chinese Renminbi in the SDR basket; I support this recommendation and our Executive Board is scheduled to make its decision later this month.

“On IMF quota and governance, I noted my continued strong urging of speedy ratification of the 2010 reforms.

“Finally, I would like to thank President Erdogan and the Turkish authorities for their leadership of the G20 and wonderful hospitality throughout this year.  We very much look forward to working with the Chinese Presidency of the G20 in 2016.”