Ministers to discuss global slowdown, ways to combat money laundering, financing of terrorism

• Pages: 341-342

Page 341

When key financial officials meet in Ottawa on November 17, the global economic slowdown and measures needed to revive growth in the world economy will top the agenda. The gathering, the fourth meeting of the International Monetary and Financial Committee (IMFC), was originally scheduled for late September at IMF headquarters but was postponed in the wake of the September 11 terrorist attacks.

The IMFC, which will be chaired by U.K. Chancellor of the Exchequer Gordon Brown, will also focus on stepped-up efforts to fight money laundering and the financing of terrorism. The IMFC comprises 24 IMF Governors, who are ministers, central bank governors, or others of comparable rank, representing the IMF's 183 member countries. It was established at the 1999 Annual Meeting of the IMF's Board of Governors, when a resolution was adopted transforming the former Interim Committee into the IMFC (see IMF Survey, October 11, 1999, page 317).

Page 342

The IMFC is expected to discuss the global economic situation and the policies needed to address current risks and vulnerabilities and strengthen global growth. IMF Managing Director Horst Köhler will make introductory remarks on the international community's policy response to the current situation. Consideration of ways to sustain poverty reduction in low-income countries, particularly in light of the impact of the global slowdown on the heavily indebted poor countries, will form an integral part of this discussion. The Managing Director's introductory remarks will build on his October 5 statement sent to the IMF's 183 Governors, which urged the international community "to respond with sound policies to reduce the likelihood of a sustained slowdown, and make sure we are ready to deal with a deeper and longer downturn if it does emerge-thereby limiting the disruption and attendant human costs" (see IMF Survey, October 22, page 325).

The committee is also expected to discuss the role that the IMF can play in tackling money laundering and the financing of terrorism, a topic that has taken on new urgency in the wake of the tragic events of...