ON THE INTERNATIONAL FRONT
- INTERNATIONAL FORUMS
- Promoting Global Growth and Stability
- International Financial Regulatory Reforms
PROMOTING GLOBAL GROWTH AND STABILITY
At the request of the IMF's International Monetary and Financial Committee (IMFC), Deputy Prime Minister (DPM) and MAS Chairman Tharman Shanmugaratnam extended his chairmanship by one year to March 2015. Members of the IMFC viewed the continuity of DPM Tharman's strong leadership in the year ahead as particularly helpful in ensuring that all members' views on key issues are taken into account, including with respect to significant ongoing IMF reforms.
Under DPM Tharman's chairmanship, the IMFC facilitated policy discussions among IMF members for strong, sustainable and balanced growth, along with managing multiple transitions in the global economy. The IMFC supported actions to promote sustained and inclusive growth, in particular for low-income countries; progress in the implementation of a strengthened IMF surveillance framework; and further work to improve IMF lending capabilities, including through a review of key IMF financing instruments and lending policies.
In April 2014, the IMFC also discussed how to strike a balance between short-term austerity and medium-term fiscal sustainability in major economies; ways to manage the effects of unconventional monetary policies and preparations for the normalising of monetary conditions; and reforms to reduce unemployment and boost productivity.
The IMFC Chair and G20 Presidency worked together to advance the work of IMF quota and governance reforms, including through a joint Ministerial meeting at the IMF/World Bank Spring Meetings in April 2014. The IMFC reaffirmed its commitment to implement the IMF's 2010 reforms on quota and governance as the highest priority, while calling on members to ratify the reforms at the earliest opportunity, and called on the IMF to develop options to further progress governance discussions by year-end.
MAS and MOF hosted the G20 Investment and Infrastructure Working Group Meeting in June 2014, alongside the G20/OECD Task Force and High Level Roundtable on Institutional Investors and Long Term Financing. The events aimed to review commitments to improve domestic investment environments and put together a package of collective actions for delivery by the Brisbane Summit.