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IMF Calls For Fiscal Restructuring To Contain Debt Problem

4/22/2012 6:18 AM ET

The International Monetary Fund has urged advanced countries to achieve fiscal restructuring to contain their debt problems.

The IMF's International Monetary and Financial Committee issued a statement after a meeting in Washington on Saturday.

Welcoming the contribution of more than $430 billion pledged by countries at Friday's G-20 meeting to shore up the Fund's lending capacity, the statement said: "In the euro area continued progress on ensuring debt sustainability, securing financial stability and undertaking bold structural reforms will be crucial to boosting confidence and productivity."

It said the global economy was recovering gradually, but that growth expectations were still moderate and risks remained high. The statement also said advanced economies needed sustained monetary easing to support economic recovery.

It also points to risks of massive flows of funds from developed nations to emerging economies, possibly leading to high oil and other commodity prices, and calls for oversight.

by RTT Staff Writer

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