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IMF pledges to nurture recovery

WASHINGTON — World financial officials pledged increased cooperation in dealing with threats to the global economic recovery such as rising oil prices.

The policy-setting committee of the 187-nation International Monetary Fund said in a joint statement issued Saturday after its spring meeting that the global economy is rebounding from a recession and gaining strength, but is still vulnerable.

The group pledged to coordinate economic efforts to keep the recovery on track and address challenges such as rising inflationary pressures in China and other emerging markets.

"Although we are in a better position that we were a year ago, there are significant vulnerabilities," Singapore's finance minister, Tharman Shanmugaratnam, the chairman of the IMF policy group, told reporters. "We are still in a fragile situation. We have to be extremely watchful."

U.S. Treasury Secretary Timothy Geithner held talks with finance officials from the European Union as well as Portugal and Greece, both facing significant debt problems.

Geithner's meeting with Portuguese Finance Minister Teixeira dos Santos reviewed that country's recent decision to seek financial support from the EU and the IMF, the Treasury said in a statement.

The discussions, which took place on the sidelines of the spring meetings of the IMF and the World Bank, followed meetings on Friday of the Group of 20 nations. That group includes traditional economic powers such as the United States and European nations, and emerging economies such as China, India and Brazil.

Gas price leaps past $4 in capital

Drivers in Washington, D.C., on Saturday joined motorists in five states who are paying more than $4 a gallon for gasoline. Average prices in New York could top $4 this week. Hawaii, Alaska, California, Illinois and Connecticut already have prices above that mark, says AAA's Daily Fuel Gauge. Hawaii's $4.47 price is highest. The national average for gas has increased for 25 straight days, and is now $3.82 a gallon. Retail surveys suggest motorists are buying less fuel but the government expects summer vacationers to keep prices climbing.

Associated Press

IMF pledges to nurture recovery 04/16/11 [Last modified: Saturday, April 16, 2011 9:44pm]
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