Challenges underway for sustainable, balanced recovery: IMF acting chief

08:32, May 20, 2011      

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The world is still facing a set of challenges on ensuring strong, sustainable and balanced economic growth, John Lipsky, acting Managing Director of the International Monetary Fund (IMF) said Thursday.

Advanced economies have to continue grappling with stubbornly high unemployment rates and arduous fiscal consolidation tasks, Lipsky said at a Thursday event held at the Washington-based Peterson Institute for International Economics.

Although emerging economies are enjoying a fast economic growth, they are also facing challenges including rising inflationary pressure and overheating risks resulted from spiking lending expansion,he noted.

The former investment banker said he regrets the circumstances that have made it necessary for him to serve as the fund's acting leader and deliver this speech instead of Dominique Strauss-Kahn, the ex-IMF chief who resigned on Wednesday.

However, he stressed that the Washington-based financial agency remains fully functioning and operational.

Source: Xinhua
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