IMF Chief Highlights Need for Strong Partnership with Asia

IMF chief’s trip cements ties with Asia

Fund reforms give stronger voice to the region

Asia continued strong growth, but need to rebalance

Speaking at an event organized by the Monetary Authority of Singapore (MAS), on the first leg of the two-country trip, he said historic governance reforms at the IMF, including increasing Asia’s voice within the institution, were changing the way countries work together.

“We look forward to continuing our vital partnership with Asia in this new, 21^st century IMF,” he said, adding that Asia, as one of the leading economic regions, would play an essential role in finding the global policy solutions needed to achieve future global economic stability.

Governance reform is one of a number of commitments which Strauss-Kahn undertook during a previous visit to the region last July to attend a landmark IMF/Government of Korea conference in the city of Daejeon.

During that meeting, Strauss-Kahn pledged—as part of what has since become known as the “Daejeon deliverables”—to support a stronger role and voice for Asia in the global economy. He also promised to strengthen the IMF’s collaboration with regional organizations in Asia.

Asia has been leading the global recovery and the IMF predicts the region will grow 7 percent this year.

Building relations

After his visit to Singapore, where he met with Prime Minister Lee Hsien Loong and the Finance Minister, Tharman Shanmugaratnam, the IMF chief travelled onto Indonesia where he was received by President Susilo Bambang Yodhoyono and met with Coordinating Minister Hatta Radjasa, and Governor Darmin Nasution of Bank Indonesia.

In Jakarta, the IMF Managing Director, discussed with the President the global outlook, regional financial integration, and Asia’s role in the world economy. He said the meeting with President Yodhoyono...