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IMF Managing Director Christine Lagarde Welcomes G20 Growth Strategies, Says Implementation Critical

Press Release No. 14/521
November 16, 2014

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today at the conclusion of the Group of 20 (G20) Leaders Summit in Brisbane, Australia:

“This has been a very productive year for the G20. I would like to congratulate the Australian authorities, particularly Prime Minister Tony Abbott, Treasurer Joe Hockey, and Reserve Bank of Australia Governor Glenn Stevens, for warmly hosting us, and for their effective leadership, which resulted in excellent discussions and pragmatic outcomes, embodied in the Brisbane Action Plan. I look forward to continuing our dialogue next year under the Turkish Presidency.

“Decisive policy action by all is key to making growth strong, sustainable, balanced and inclusive, and to create needed jobs. I strongly welcome the determination of G20 members to implement growth strategies that we calculate would lift their collective GDP by at least 2.1 percent by 2018. This is a commendable effort, with significant benefits for the global economy. Implementation is now critical, with a strong accountability framework to monitor progress, supported by the IMF.

“The G20 has also brought focus in a number of important areas that will contribute to growth. Progress was made on infrastructure investment, including by creating a Global Infrastructure Hub in Australia, and the IMF will continue to contribute to this important area of the G20’s work. I was also encouraged by the G20 members’ intention to work towards a stronger trading system. Trade is an essential component of the global policy agenda and there are huge potential gains to be made through further integration. Similarly, in the areas of financial regulation and international taxation, the G20 made commendable progress.

“I am very pleased that the G20 has agreed to reduce the gender gap in labor market participation by 25 percent by 2025. This will not only bring 100 million more women into the labor force, but also significantly increase global growth and reduce poverty and inequality.

“The G20 also supported the IMF's efforts, working with all our partners and donors, to increase support for the countries most affected by the scourge of Ebola, including through debt relief.

“Finally, I strongly agree with the G20's urging all our member countries to implement the IMF's 2010 Quota and Governance Reform as soon as possible.”