IMF Encourages a More Balanced Global Economic Architecture at G20 Meeting in Fukuoka

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Canonical URL: IMF Encourages a More Balanced Global Economic Architecture at G20 Meeting in Fukuoka

International Monetary Fund
Regional Office for Asia and the Pacific
Press Officer: Yuko Maeda
Tel: 81-(0)3-3597-6719
Email: oapmedia@imf.org

The International Monetary Fund (IMF) Managing Director Christine Lagarde took a lead role in discussions, encouraging a global economic architecture anchored on stronger cooperation and multilateralism.
The IMF issued its regular Surveillance Note on the G20 economic outlook and the Managing Director wrote in her associated blog about resolving current trade tensions to support global growth.
Ms. Lagarde wrote that the US-China tariffs, including those implemented last year, could reduce global GDP by 0.5 percent, or about US$455 billion.
Finance ministers voiced concern over spillovers of the US-China trade tensions and shared the view that the global economy may be stabilizing but that the outlook remains precarious and with risks tilted to the downside.
In their communique at the end of the two-day meeting, ministers highlighted the risk of intensified “trade and geopolitical tensions” and stressed that they “stand ready to take further action” to mitigate risks.
Ms. Lagarde issued a statement reiterating that resolving the current trade tensions should be the first priority.
Ministers agreed to compile common rules by 2020 for global taxation of internet giants like Facebook and Google.
Ministers agreed to address global current account imbalances and challenges brought by demographic changes, including population aging.

Ms. Lagarde met with finance ministers and central bank governors from Argentina, South Korea, South Africa and the UK to discuss the state of the global economy and their efforts to stabilize economic growth with policy adjustments.
Ms. Lagarde gave an interview to the Nikkei group aimed at the Japanese audience, urging male corporate leaders to utilize the talented female labor force to strengthen the Japanese economy and sharing her diagnosis on the global economy and the future of fintech.
Informal engagements: Ms. Lagarde spoke with Ms. Shoko Habu, chief editor of Nikkei’s web magazine for working women, discovering a shared alma mater in Aix-en-Provence.

Ms. Lagarde attended local cultural presentations and enjoyed Japan’s traditional horse-back archery, yabusame.
Ms. Lagarde thanked Japanese Finance Minister Taro Aso and Bank of Japan Governor Haruhiko Kuroda for their leadership in making the ministerial meeting a success and commended the people of Fukuoka for their hospitality.
A female volunteer from a local university said: “Through the training for volunteers, we’ve rediscovered our city. We wished to see Mdm. Lagarde here and introduce many things about Fukuoka as she is a global role model for us women.”

Ms. Lagarde is scheduled to return to Japan to attend the G20 Summit in Osaka from 28-29 June.