Will support inclusive growth in all countries: IMF,World Bank

WASHINGTON: With turbulence and widespread fiscal strain threatening the global economic recovery, the International Monetary Fund and World Bank on Saturday vowed to support strong, sustainable, balanced and inclusive growth in all of its member countries.

"We commit to do everything within our means to support strong, sustainable, balanced and inclusive growth in all our member countries," said a joint communiqué issued by the IMF and World Bank at the end of its annual meeting in Washington.

"We reaffirm the need to work cooperatively to meet our development commitments to achieve the Millennium Development Goals by 2015 and to support the poor in developing and emerging countries through this period of instability, as well as in the long-term," the joint communiqué said.

Commending the G20 for making development the cornerstone of its agenda, the IMF and World Bank noted that the turbulence in global financial markets and widespread fiscal strains has put the robustness and sustainability of the global economic recovery at risk.

"Volatile commodity prices and pressures on food security are critical challenges. We are alert to the possible global impacts of these issues, particularly for the poor. While developing countries have been the main contributors to recent global economic growth, the economic crisis has reduced their capacity to withstand further shocks," the joint communiqué said.

Observing that jobs are vital to translating growth into lasting poverty reduction and broad-based economic opportunities, the IMF and World Bank reiterated their commitment to job creation, especially by supporting the expansion of a vibrant private sector.