Press Release No. Press Release 04/127

International Monetary Fund (IMF) Managing Director Rodrigo de Rato made the following statement in Singapore today:

"It has been a great pleasure to visit Asia and Singapore so early in my time as Managing Director of the International Monetary Fund. The visit to Singapore enabled me to gain an up-close view of its economy, and to discuss regional and global economic issues with the country's leadership. Today, I had the privilege to meet with Senior Minister Lee Kuan Yew, and to hear about his experience in leading Singapore as it became a prosperous city-state. I also had fruitful meetings with Deputy Prime Minister Lee Hsien Loong and Minister Lim Hng Kiang.

"I am truly impressed by Singapore's economic management, which has enabled the economy to overcome a series of adverse shocks in recent years. Given the strong external environment, the outlook for economic growth in 2004 and beyond is bright. The IMF is fully supportive of the government's reform efforts, and we look forward to maintaining a close policy dialogue. I am also looking forward to the hosting by Singapore of the World Bank/IMF Annual Meetings in 2006.

"In my meetings we had wide-ranging discussions on global and regional issues, including the possible risks to the strong global recovery now underway, and the growing role of Asia in the world economy. We agreed on the need to further strengthen the international financial system, and the part that Asian regional financial initiatives can play in this respect. I expressed my sincere hope that the IMF can play a useful role as a partner in promoting regional financial cooperation."