LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS

Read in App
Business News » India News

US calls for reforming IMF

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Sat, Oct 14, 2017
10:39 pm
PTI
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

The US today called for the International Monetary Fund to improve its operational efficiency, and serve as a model on budget discipline and efficient use of limited resources.

"The IMF should find ways to further enhance its operational efficiency," US Treasury Secretary Steven Mnuchin told a gathering of world finance ministers and head of central bankers here.

As a public institution just like the member institutions it monitors and advises the IMF should serve as a model on budget discipline and efficient use of limited resources, he said in his address to the annual meeting of the IMF and World Bank.

"Achieving this goal will necessarily entail tough choices, potentially with regard to management and staff salaries and benefits," he said.

Asserting that the IMF plays an important role in the international monetary system through the promotion of economic stability and global growth, Mnuchin said to best execute this role, the IMF must deliver on its core mandate.

It can do so by encouraging stable exchange rates that reflect underlying economic fundamentals, promoting sound public financial management and a market-oriented regulatory framework, and pressing for independent central banks to pursue transparent monetary policy, he said.

As the IMF moves into the post-global financial crisis period, Mnuchin urged it to structure its lending programmes to prioritise reforms that drive private sector-led economic growth.

In too many countries, a large public sector crowds out the private sector. In others, a burdensome and inefficient tax system or excessive regulatory barriers fail to create effective incentives for private sector capital and labour mobilisation, the US treasury secretary said.

The IMF must design programmes with the right policy reforms, in the right sequence, to support the private sector as the growth engine, he told the gathering.

"In this vein, we strongly approve of IMF efforts to reassess how the institution addresses corruption in member countries. Corruption at all levels of government wastes public resources and often deters private sector investment and growth," he said.

Observing that the IMF also has a key role to play in promoting stronger debt management processes, particularly in low income countries, he welcomed its work to strengthen the low-income debt sustainability framework.

The framework's effectiveness, however, depends crucially on accurate and complete debt data, he said.

"The IMF should press for timely, accurate, and comprehensive debt information from borrowers and creditors including private sector and emerging market debt to improve transparency and reduce the negative outcomes of opaque lending," Mnuchin said.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

LATEST NEWS

Actress Priyanka Chopra shares a secret about her late night talk show appearances

Earthquake Today: Massive magnitude 7.0 quake shakes Philippines; US Geological Survey says no tsunami warning require

Important notification from HDFC Securities! Can't place any order from this date; will be back after gap on January 25

PUBG Mobile India rival FAU-G crosses 4 million pre-registrations ahead of release| Check launch date, trailer and other updates here

Killer Bird Flu Alert: Do NOT eat eggs, chicken prepared this way; 10-pt Warning issued by FSSAI over avian influenza virus; check full list

Auto Stocks, Fortis Healthcare, Metal Stocks, Biocon to SRF - here are top Buzzing Stocks today

Earthquake in Cyprus Today: Magnitude 5 quake halts BUDGET PRESENTATION in Parliament; people in panic flee as furniture shifts, lamps sway

Warning for bank account holders! Do this fast or you may be badly affected - check IDBI Bank notification

Budget 2021: What IT wants from FM Nirmala Sitharaman - a Cyber Security Policy like Income Tax, GST

Budget 2021 expectations from Healthcare Sector II Details Explained

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved