The risk that global economic growth could slow more than expected prompted a ca...
WASHINGTON - The risk that global economic growth could slow more than expected prompted a call on Friday from top finance officials for countries to overcome trade differences and opt for multilateral cooperation and “timely policy action.”
“The balance of risks remains skewed to the downside,” Japanese Finance Minister Taro Aso said at a news conference following a meeting of G20 finance ministers and central bankers. “We recognize the risk that growth prospects might deteriorate if weakening in key economies feed into each other.” “There was a shared understanding among the G20 members that each country needs to take timely policy action,” Kuroda said at the news conference.
Scholz called on the United States to overcome trade differences with Europe, which erupted again this week when U.S. President Donald Trump threatened to impose tariffs on $11 billion worth of European Union products, including commercial aircraft. Without U.S. backing for an update to the IMF’s stakeholding weights, there was little prospect for a change at this week’s meetings.
The IMF has current total lending capacity of about $1 trillion, including the New Arrangements to Borrow crisis fund that was greatly expanded in 2009 at the depths of the last financial crisis.British finance minister Philip Hammond expressed concern the lack of a funding boost could hamper the IMF’s ability to step in to help Venezuela respond to its worsening humanitarian and economic crisis.
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