Conference Aims to Renew IMF-Asia Relationship

Participants to discuss Asia's leading part in recovery from global financial crisis

Agenda covers Asia's growing role in global economic, financial policymaking

Event signals IMF's determination to transform relations with Asian members

The gathering—which will bring together more than 500 high-level participants, including finance ministers, central bank governors, and business leaders from across the region—is a signal of the Fund’s determination to transform its relations with its Asian members.

The Daejeon gathering, organized under the theme of “Asia 21: Leading the Way Forward,” will discuss Asia’s leading role in the recovery from the global financial downturn. Participants will cover topics ranging from financial sector policies to the unique challenges of low-income countries in the region, as well as Asia’s growing role in global economic and financial policymaking.

It will draw lessons from the past, but it will also seek to forge better ties for the future. It will discuss “how we (the Fund) can, in the future, go forward working with Asian countries, Asian institutions, and regional institutions,” said Strauss-Kahn, who is set to open the conference alongside Korea’s Minister of Strategy and Finance Jeung-Hyun Yoon.

Asia is currently leading the world out of the worst downturn in the postwar era and its recovery has continued into the first half of this year. Earlier this week, IMF economists unveiled their forecasts for the region, revising upward their predictions for growth from an average of 7 percent to 7¾ percent, with the region’s economies buoyed by exports and strong private domestic demand.

At a recent press conference, IMF Managing Director Fund Dominique Strauss-Kahn said the conference was an occasion “to rebuild, to renew the relationship with the region, to take stock of what has been done in the past, rightly or wrongly.”

In recent years, ties between the Fund and Asia have been marred by memories of the Asian financial crisis over a decade ago, but the IMF is hoping this conference proves to be a significant step toward building an improved and more collaborative relationship with its Asian members.

Before the Daejeon conference the IMF July 8 launched updates to its flagship publications, the World Economic Outlook and Global Financial Stability Report, in Hong Kong for the first time. The launch was attended by IMF chief economist Olivier Blanchard and by José Viñals, respectively the IMF’s...