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IMF Likely To Revise Down Global Growth Forecasts

Monday, 05 December 2011 | 00:00
The International Monetary Fund said that it is likely to revise downward the global economic growth forecasts in the Fund's flagship World Economic Outlook, to be released in January next year.
The global recovery remains unbalanced and bumpy, and since the previous outlook report there has been more of a slowdown in economic activity, especially in Europe, IMF spokesman Gerry Rice told reporters on Thursday.
The turmoil in the financial market is also contributing to further uncertainty about the economic forecast, Rice said.
The spokesperson said that the IMF board will meet on Monday to consider the fifth review, over the next loan installment for Greece. Earlier this week, the Eurogroup endorsed the EU share of the Greek loan tranche worth EUR 8 billion.
IMF will also send a mission to Athens from December 12 to 16 and it will hold preliminary discussions on policies needed to help make progress toward Greece's overall economic objectives.
He reiterated that there were no discussions with the Italian authorities on any form of IMF financing. But an IMF team is planning to visit relevant officials to assess Italy's economy and the Italian government's objectives, Rice said without mentioning the exact timing of the visit.
Regarding the failure of the US joint committee to find measures to reduce the deficit, he said that the IMF was "disappointed" by this development. Although the automatic cuts should deliver fiscal savings start in 2013, further savings will be needed over the next decade and consolidation should include both entitlement reform and higher revenues, Rice added.
He expressed confidence that the G20 countries will provide the Fund with additional resources if and when this is needed. Beefing up the fund's resources will be on the G20 agenda in the upcoming meetings.
Source: RTT News
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