IMF: Strong Recovery Needed Before Ending Stimulative Measures

WASHINGTON (Dow Jones)--As Group of 20 finance ministers gather in Scotland this week, the International Monetary Fund repeated that the world economy needs to see sustained growth before countries can begin removing stimulative measures.

"It's important to think about and to work on possible exit strategies. It's too soon to implement them," Caroline Atkinson, director of external relations at the fund, said Thursday. "It's important that there should be strong and sustained recovery and evidence of that before governments move forward on exit strategies."

The G20 officials are meeting Friday and Saturday in St. Andrews, Scotland, a follow-up to the September meeting of G20 leaders. At that session in Pittsburgh, the group agreed to make moves to rebalance the world economy to help avoid another financial crisis.

Atkinson said the G20 will discuss how to implement a "framework for mutual assessment," but added that the process won't be wrapped up until next year.

On another issue, Atkinson repeated that the IMF has no plans for an assessment of Argentina's economy. Argentina cut off relations with the IMF in 2006 after paying back the $9.8 billion it owed, but the government has signaled a willingness to allow the fund's annual Article IV reviews to resume as it seeks to return to global credit markets.

"We're ready and open to have an Article IV consultation, we have very well set out procedures for those," Atkinson said. "We have not received any specific request, we have no specific plans for an Article IV consultation with Argentina at the present."

-By Henry J. Pulizzi, Dow Jones Newswires; 202-862-9256; henry.pulizzi@dowjones.com

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November 05, 2009 10:30 ET (15:30 GMT)


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