The IMFC endorsed a plan of action announced by the G-7 economies. Dominique Strauss-Kahn stressed that the IMF stands ready to lend quickly to any member country in financial difficulty.
World financial leaders endorsed an action plan announced by the seven leading advanced economies to combat the international financial crisis in what IMF Managing Director Dominique Strauss-Kahn called the "first big success in co-ordination" to halt the downward spiral in world markets and support the global financial system.
The International Monetary and Financial Committee (IMFC), endorsed a plan of action announced by the G-7 economies. Dominique Strauss-Kahn characterized the IMFC endorsement of the G-7 plan as the first concrete step in co-ordinated global action by emerging markets, low-income countries, and the advanced economies to combat the crisis.
Strauss-Kahn also stressed that the Fund stands ready to lend quickly through its emergency financing mechanism to any member country in financial difficulty. “The IMF has the resources and we are ready,” he said.
The IMFC asked the IMF to take the lead in drawing the necessary policy lessons from the current crisis and recommending effective actions to restore confidence and stability. The IMF should focus discussion, and enhance co-operation, with a wide range of perspectives with the FSF, the G-20, and others
Press release
© International Monetary Fund
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