Australian Treasurer heads to U.S. for IMF, WB meetings

15:44, October 07, 2010      

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Australian Federal Treasurer Wayne Swan on Thursday heads to Washington of U.S. to take part in meetings of the International Monetary Fund and the World Bank for discussions about global economic progress.

Swan will also meet other G20 and commonwealth finance ministers, as well as key U.S. officials including senior executives from the Federal Reserve.

"Global economic engagement is as important to our recovery as it was to beating the global recession itself," the deputy prime minister told Australia Associated Press on Thursday.

Swan's meetings in the U.S. would provide a timely forum to take the temperature of the world's economic progress, and to assess Australia's own performance in relation to its neighbor countries.

"The success of our economic policies leaves us in an enviable position by world standards," he said, adding the Australian economic story was one of confidence but not complacency.

"It is in Australia's best interests to support our peers to build momentum towards their own sustainable recoveries."

The IMF said the global economy will require a balancing act: nations with huge trade and budget deficits, such as the U.S., will need to boost exports.

Nations, such as China, with big trade surpluses, must reduce their dependency on exports and boost domestic demand.

A direct focus of the meetings would be to ensure that reforms are implemented across member economies, Swan said.

Meanwhile, Currency will also to be discussed along with many other structural issues.

Swan would not speculate about where the Australian dollar was heading, amid predictions it would reach parity with the greenback before the end of the year.

But he did acknowledge that a rising dollar had consequences for the Australian economy and impacted on exporters.

The Australian dollars was at 97.55 U.S. cents at 11am (AEDT) on Thursday.



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