1、This years Spring Meetings of the International Monetary Fund and World Bank have wrapped up in Washington.CRIs Washington chief correspondent Xiaohong takes us through the details.Prior to the opening of the three-day Spring Meetings, IMF managing director Christine Lagarde called for a Washington
2、Moment in the face of a timid recovery and many risks.What should be done is actually collective action. In my recent speech at the Brookings Institution, I called for a Washington Moment, as there had been a London Moment, in due course. Collective action is needed because all members have to actua
3、lly address their respective issues.The international community has since responded, with some member countries promising to increase their commitments to the IMF.A total of 430 billion US dollars will be added to the IMFs resources, which will almost double its lending capacity.In addition, new cal
4、ls are being put out for a strengthened global social safety network.World Bank Robert Zoellick.At international meetings, we hear a lot about global financial safety nets, and we need to focus equal attention on the human safety net. As we know, there are dangers that, when institutions are too big
5、 to fail. But lets remember that beyond the talk of financial systems and of regulations and of firewalls, its people who are too important to fail.People taking part in these spring meetings are also urging policy makers in Europe and the US to look for a balance between sharp budget cuts and econo
6、mic growth incentives.One issue that didnt get solved is connected to the quota and governance reforms of the IMF, which is supposed to see 6-percent of the voting quota transferred from the developed world to the developing nations.IMF Chief Christine Lagarde says they do have a time-table to make
7、it happen.So, my focus at the moment is make sure that we implement the 2010 reform, for the Tokyo Annual Meetings. Then, we have the January 2013 deadline. Weve begun the discussions about the formula review of the quota. That will take its course, its time, its discussions. And the 15th review will be in January 2014. So, we have a little bit of time.The next meetings slated for Tokyo come at the end of the year.For CRI, Im Xiaohong in Washington.
