World Business

IMF highlights Asia's role in global economy

(Xinhua)
Updated: 2010-07-12 11:39

DAEJEON, South Korea - Dominique Strauss- Kahn, Managing Director of the International Monetary Fund (IMF), highlighted the role of Asia in the future in global economic policies, vowing to allow stronger voice of the region in the IMF.

"Asia's time has come. No one can doubt that Asia's economic performance will continue to grow in importance," Strauss-Kahn said in his opening address to the Asia 21 high-level conference held in Daejeon.

The two-day conference, titled "Asia 21: Leading the Way Forward," kicked off with opening addresses by South Korean Finance Minister Yoon Jeung-hyun and the IMF head, where the participants will hold discussions over Asia's global role and its new growth drivers.

The IMF officials are also planning to evaluate Asia's economic growth model and its implications of change for the global economy, while showcasing lessons of Asia's resilience during the crisis for other regions, Strauss-Kahn said.

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"Drawing the lessons of Asia's many successes is an important objective for this conference," Strauss-Kahn said.

"In my view, the macroeconomic, financial and corporate sector reforms put in place over the last decade have played an important role in the region's resilience," added Strauss-Kah, attributing it to Asia's faster-than-expected recovery.

Recognizing Asia's rising role in the global economy, the IMF head said it was in need of stronger voice and representation for Asia in the international financial community, including the IMF, mentioning the IMF's planned quota reform.

The IMF is planning to shift 5 percent of its quota to emerging countries from advanced countries as decided in the G20 Summit held in Pittsburgh last year.

The director also vowed that the IMF will strengthen its support for Asia, particularly with respect to improving its analysis of economic and financial risks, facilitating international policy collaboration, and strengthening further the global financial safetynet.

The event, bringing together some 300 high-ranking policymakers and high-level IMF officials, is expected to bring about many agenda items that will be discussed in more details in the upcoming Seoul G20 Summit to be held in November.