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"There is no avoiding the fact that the market for capital is global, which means policies and interest rates in advanced economies affect emerging and developing economies," said G-24 First Vice-Chair and Central Reserve Bank of Peru Governor Julio Velarde.
The long-term ratings assigned to the series G-21, G-23 and G-24 floater and residual certificates are exclusively based on the rating assigned to the bank providing the LOC and will reflect all changes to that rating.
Growth in the global economy is weaker than expected, a G-24 communique read.
The G-24 nations called for ''urgent and concerted actions to deal with the immediate consequences of food and energy increases and to address the long-standing impediments to food and energy security.''
But the G-24 ministers said the IMF needed to maintain "an open-minded and
''The process for the selection of the next managing director of the IMF that is presently under way marks an important milestone in transforming the IMF to a truly multilateral institution able to serve the needs of all its members in today's rapidly changing world,'' the G-24 said.
These efforts may be more fruitful if they are channeled through the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24).
It will regularly report on its work to the G-24 Transport Group.
As G-24 Chair, you are in touch with many finance ministers in other developing countries.
According to Frank Ackerman (G-24 Discussion Paper No.
I am Randa Elnagar with the IMF Communications Department and this is the G-24 Press Conference.
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