The Latest on the annual meeting of the International Monetary Fund and World Bank in Bali, Indonesia (all times local):
The International Monetary Fund has wrapped up its annual meeting pledging to act to protect world growth and financial stability from risks linked to trade and geopolitical tensions.
IMF Managing Director Christine Lagarde said Saturday as the IMF-World Bank meeting in Bali, Indonesia, ended that global growth is still strong but has plateaued. Countries should seek to ensure they do not “drift.”
She said: “Sail together and we will be stronger. Focus on your policies. Don’t drift and let’s cooperate as much as we can because we will be better off together.”
The International Monetary and Financial Committee, which advises the IMF’s board of governors, urged countries to keep credit available in line with their levels of inflation and seek to raise economic growth “for the benefit of all.”
U.S. Treasury Secretary Steven Mnuchin has downplayed widely voiced concerns over the risks that trade tensions with China could disrupt the world economy.
Mnuchin also told reporters Saturday in Bali, Indonesia, that he doesn’t lose sleep over the possibility that China might sell its huge hoard of U.S. treasuries in retaliation.
Concerns that trade friction between Washington and Beijing will depress global trade and generate turmoil in financial markets have been a major theme of global finance meetings this week in Bali.
China’s central bank governor, Yi Gang, joined the chorus, describing protectionism and trade tensions as “major risks” for the world economy
The annual meeting of the International Monetary Fund and World Bank, and a slew of other financial gatherings on the sidelines, was winding down Saturday.
Source: The Associated Press