{
  "title": "IMF Survey: G-20 Reaffirms IMF's Central Role in Combating Crisis",
  "publication": "IMF News, April 3, 2009",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/28/04/53/sonew040309a",
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  "summary": "The G-20 reaffirms the IMF’s central role in the international financial system, agreeing to triple the Fund’s lending capacity to $750 billion and enabling it to inject extra liquidity into the world economy.",
  "publishDate": "2009-04-03",
  "sections": [
    {
      "heading": "Overview",
      "content": "- The G-20 reaffirmed the IMF’s central role in the international financial system at the London summit on April 2, agreeing to triple the Fund’s lending capacity to $750 billion and enabling it to inject extra liquidity into the world economy.\n- The G-20 mandated the IMF to make a new general allocation of SDRs which will inject $250 billion into the world economy and increase global liquidity.\n- The summit set a target to more than double concessional lending resources for low-income countries."
    },
    {
      "heading": "IMF roles emphasized by the G-20 and Managing Director Dominique Strauss-Kahn",
      "content": "- Economic forecaster\n  - IMF economic forecasts were described as the central reference point for countries planning how to respond to the crisis.\n  - The IMF is forecasting that the global economy will recover in 2010, but only if the right policy actions, including a coordinated fiscal stimulus, are taken.\n- Policy advisor\n  - The IMF pressed for a coordinated response through cuts in interest rates, big increases in government spending, cleaning up the financial sector, and bolstering regulation.\n  - The IMF became a partner for governments to discuss policies and analyze effective policy responses to the crisis.\n- Economic surveillance\n  - The IMF will monitor policy implementation by governments and was asked to beef up early warning systems, along with the Financial Stability Forum.\n  - The G-20 communiqué: “We call on the IMF to assess regularly the actions taken and the global actions required.”\n  - Strauss-Kahn: “Our global and country monitoring procedures are being sharpened, including with a new mechanism for early warnings.”\n- Global lender\n  - The resources the IMF has to support its members will be tripled to $750 billion, including $100 billion each from Japan and the European Union.\n  - The IMF will use the money to buttress countries affected by the global downturn.\n  - Example: Mexico is seeking $47 billion in a precautionary credit line from the IMF.\n  - The IMF announced changes in lending policy to make it more flexible.\n- Provider of help to low-income countries\n  - The summit set a target to more than double concessional lending to the world’s poorest countries.\n  - Strauss-Kahn reaffirmed the IMF commitment made in Dar es Salaam to be the voice for low-income countries at the G-20."
    },
    {
      "heading": "Resources, liquidity, and SDRs",
      "content": "- G-20 decision: triple the IMF's war chest to $750 billion.\n- G-20 backing for IMF to effectively create an additional $250 billion by issuing \"special drawing rights,\" or SDRs.\n- Strauss-Kahn: the $250 billion SDR allocation is “the beginning of increasing the role of the IMF” in providing liquidity to the world."
    },
    {
      "heading": "Gold sales and concessional financing for poorest countries",
      "content": "- The communiqué said the IMF would use part of the proceeds of a previously proposed sale of gold to provide concessional financing for low-income countries.\n- A move to sell gold requires support by 85 percent of the Fund’s executive board and legislative action by several member countries.\n- The proposal agreed last year was to sell 403.3 metric tonnes of IMF gold as part of a plan to bolster the Fund’s income.\n- The G-20 communiqué: “We have committed, consistent with the new income model, that additional resources from agreed sales of IMF gold will be used, together with surplus income, to provide $6 billion additional concessional and flexible finance for the poorest countries over the next 2 to 3 years. We call on the IMF to come forward with concrete proposals at the Spring Meetings.”"
    },
    {
      "heading": "Governance and representation reforms",
      "content": "- The G-20 committed to implementing the package of IMF quota and voice reforms agreed in April 2008.\n- The G-20 agreed to bring forward a further review of quotas by January 2011.\n- The G-20 agreed to consider greater involvement of the Fund’s Governors in providing strategic direction and increasing accountability.\n- The G-20 agreed that heads and senior leadership of the international financial institutions should be appointed through an open, transparent, and merit-based selection process.\n\nSource: IMF Survey: G-20 Reaffirms IMF's Central Role in Combating Crisis (IMF Survey online, April 3, 2009).\n\n---\n\n\n References\n\n- https://www.imf.org/en/News/country-focus\n- PRESS CENTER\n- In The News\n- Hear Strauss-Kahn podcast\n- IMF revamps lending\n- Crossroads at G-20 summit\n- IMF to track crisis response\n- Lending reforms Q&A\n- IMF key issues: lending\n- Changing IMF combats crisis\n- IMF aims to double resources\n- \"special drawing rights,\"\n- conference in Tanzania\n- Quotas\n- sale of gold\n- Spring Meetings\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/28/04/53/sonew040309a"
    }
  ],
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    "Published: April 3, 2009",
    "The G-20 reaffirmed the IMF’s central role in the international financial system at the London summit on April 2, agreeing to triple the Fund’s lending capacity to $750 billion and enabling it to inject extra liquidity into the world economy.",
    "The G-20 mandated the IMF to make a new general allocation of SDRs which will inject $250 billion into the world economy and increase global liquidity.",
    "The summit set a target to more than double concessional lending resources for low-income countries.",
    "Economic forecaster",
    "Policy advisor",
    "Economic surveillance",
    "Global lender",
    "Provider of help to low-income countries",
    "G-20 decision: triple the IMF's war chest to $750 billion.",
    "G-20 backing for IMF to effectively create an additional $250 billion by issuing \"special drawing rights,\" or SDRs.",
    "Strauss-Kahn: the $250 billion SDR allocation is “the beginning of increasing the role of the IMF” in providing liquidity to the world.",
    "The communiqué said the IMF would use part of the proceeds of a previously proposed sale of gold to provide concessional financing for low-income countries.",
    "A move to sell gold requires support by 85 percent of the Fund’s executive board and legislative action by several member countries.",
    "The proposal agreed last year was to sell 403.3 metric tonnes of IMF gold as part of a plan to bolster the Fund’s income.",
    "The G-20 communiqué: “We have committed, consistent with the new income model, that additional resources from agreed sales of IMF gold will be used, together with surplus income, to provide $6 billion additional concessional and flexible finance for the poorest countries over the next 2 to 3 years. We call on the IMF to come forward with concrete proposals at the Spring Meetings.”",
    "The G-20 committed to implementing the package of IMF quota and voice reforms agreed in April 2008.",
    "The G-20 agreed to bring forward a further review of quotas by January 2011.",
    "The G-20 agreed to consider greater involvement of the Fund’s Governors in providing strategic direction and increasing accountability.",
    "The G-20 agreed that heads and senior leadership of the international financial institutions should be appointed through an open, transparent, and merit-based selection process.",
    "[https://www.imf.org/en/News/country-focus](https://www.imf.org/en/News/country-focus)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[In The News](https://www.imf.org/en/news/search)",
    "[Hear Strauss-Kahn podcast](https://www.imf.org/external/mmedia/view.asp?eventID=1431)",
    "[IMF revamps lending](https://www.imf.org/external/pubs/ft/survey/so/2009/NEW032409A.htm)",
    "[Crossroads at G-20 summit](https://www.imf.org/external/pubs/ft/survey/so/2009/POL032709A.htm)",
    "[IMF to track crisis response](https://www.imf.org/external/pubs/ft/survey/so/2009/NEW031409A.htm)",
    "[Lending reforms Q&A](https://www.imf.org/external/np/exr/faq/facfaqs.htm)",
    "[IMF key issues: lending](https://www.imf.org/external/np/exr/key/lending.htm)",
    "[Changing IMF combats crisis](https://www.imf.org/external/pubs/ft/survey/so/2009/INT022609A.htm)",
    "[IMF aims to double resources](https://www.imf.org/external/pubs/ft/survey/so/2009/POL020209A.htm)",
    "[\"special drawing rights,\"](https://www.imf.org/external/np/exr/facts/sdr.htm)",
    "[conference in Tanzania](https://www.imf.org/external/pubs/ft/survey/so/2009/NEW031109A.htm)",
    "[Quotas](https://www.imf.org/external/np/exr/facts/quotas.htm)",
    "[sale of gold](https://www.imf.org/External/NP/EXR/faq/goldfaqs.htm)",
    "[Spring Meetings](https://www.imf.org/external/spring/2009/index.htm)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
  ],
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