IMF seeks to renew, deepen relationship with Asia

08:09, July 14, 2010      

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role in the global economy and how the IMF could better cooperate with the region in its pending issues.

Confessing the structural reform requirements it placed on Asian countries during the 1997-98 Financial Crisis were "more painful than needed," Strauss-Kahn said he wished to renew the relationship between Asian countries and the IMF that grew sour as a result of the restructuring.

As ways for the relaunch, the IMF head said that it wants to listen to how the Asian countries managed to rebound from the crisis at a fast pace.

According to Yv Reddy, former governor of the Reserve Bank of India, the fast recovery of Asia was attributed to macroeconomic soundness, conservative lenders, healthy external sector, and high saving rates, which altogether made possible the success of Asia's economic policies.

Highlighting that Asian countries have implemented "right" policies based on what they learned in the face of the 1997-98 crisis, Strauss-Kahn also said that Asia's decisions affect the global economy, while the global economic conditions in turn will have a blow on the individual countries' policy stances in Asia.

With the link between Asia and the outer society growing more tightened, Asia needs to have a bigger say in the global economy, according to Strauss-Kahn.

One of the ways to show its expanded role is the IMF's planned quota revision, which will take place at the yearend.
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