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Development Committee Communiqué - Joint Ministerial Committee Of The Boards Of Governors Of The Bank And The Fund On The Transfer Of Real Resources To Developing Countries - Washington, DC April 21, 2012

Date 21/04/2012

1. The Development Committee met today, 21 April 2012, in Washington DC.

2. The global economic outlook remains challenging. Policy adjustments and improved economic activity have reduced the threat of a sharp global slowdown. Growth in emerging and developing economies continues to be relatively strong, but poor countries still need support. Implementing policies and structural reforms to promote poverty reduction and inclusive growth must continue.

Communiqué Of The Twenty-Fifth Meeting Of The International Monetary And Financial Committee (IMFC)

Date 21/04/2012

Chaired by Mr. Tharman Shanmugaratnam, Deputy Prime Minister of Singapore and Minister for Finance

The global economy is recovering gradually. Since we last met, important policy actions have been taken in the euro area, both at the national and regional levels, including through an enhancement of the European firewall. Economic indicators in the United States have improved. Emerging market and developing countries on the whole remain a source of strength for the world economy. But more remains to be done. The outlook remains one of moderate growth globally, and risks remain high. We will continue to act collectively to restore confidence, rekindle growth, and create jobs.

Communiqué Of The Twenty-Fifth Meeting Of The IMFC

Date 21/04/2012

Chaired by Mr. Tharman Shanmugaratnam, Deputy Prime Minister of Singapore and Minister for Finance

The global economy is recovering gradually. Since we last met, important policy actions have been taken in the euro area, both at the national and regional levels, including through an enhancement of the European firewall. Economic indicators in the United States have improved. Emerging market and developing countries on the whole remain a source of strength for the world economy. But more remains to be done. The outlook remains one of moderate growth globally, and risks remain high. We will continue to act collectively to restore confidence, rekindle growth, and create jobs.

Statement From U.S. Treasury Secretary Geithner Endorsing The Financial Action Task Force Mandate

Date 21/04/2012

Following the endorsement of the Financial Action Task Force (FATF) Mandate and the issuance of the Ministerial Declaration by the Finance Ministers, the U.S. Department of the Treasury issued the following statement from Secretary Geithner:

“The United States welcomes the renewal of the FATF Mandate and strongly supports FATF’s ongoing work as the global standard-setting and policy body on combating money laundering and the financing of terrorism and proliferation of weapons of mass destruction.  The achievements of FATF over the past two decades demonstrate the importance of international cooperation in fighting terrorism, money laundering, and illicit finance; and the renewal of the Mandate will allow FATF to continue this important mission."

Statement By U.S. Treasury Secretary Tim Geithner At The International Monetary And Financial Committee (IMFC) Meeting

Date 21/04/2012

After a renewed period of stress in the global economy, the outlook has improved and some progress is being made to reduce global imbalances. But the recovery remains fragile, with continued risks from the euro area and higher oil prices. The United States economy continues to gather strength despite adverse shocks from the crisis in Europe, last year’s supply chain disruptions, increases in oil and gasoline prices, and slower growth in some emerging markets.

IMF Managing Director Christine Lagarde Welcomes Pledges By Members To Increase Fund Resources By Over US$430 Billion

Date 20/04/2012

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today:

“We warmly welcome pledges by our members to increase IMF resources by over $430 billion, almost doubling our lending capacity. This signals the strong resolve of the international community to secure global financial stability and put the world economic recovery on a sounder footing. These resources are being made available for crisis prevention and resolution and to meet the potential financing needs of all IMF members. They will be drawn only if they are needed, and if drawn, will be refunded with interest."

Joint Statement By The International Monetary And Financial Committee And The Group Of 20 Finance Ministers And Central Bank Governors On IMF Resources

Date 20/04/2012

The International Monetary Fund’s International Monetary and Financial Committee (IMFC) and the Group of 20 Finance Ministers and Central Bank Governors issued the following statement today on IMF resources:

“We remain committed to take the necessary actions to secure global financial stability. We welcome the euro area members’ decisions in March to strengthen European firewalls as part of broader reform efforts and the availability of central bank swap lines. At our Joint Meeting of the IMFC and G20 Finance Ministers and Central Bank Governors today, we have reached agreement to enhance IMF resources for crisis prevention and resolution. This is the result of a broad international cooperative effort that includes a significant number of countries."

Financial Stability Board Reports To G20 On Progress Of Financial Regulatory Reforms

Date 20/04/2012

The Chairman of the Financial Stability Board (FSB) reported to the G20 Finance Ministers and Central Bank Governors today on progress in the financial regulatory reform programme.

IMF: Statement From Indonesia, Malaysia And Thailand

Date 20/04/2012

The IMF plays an essential role in supporting the stability of the global economy. The ASEAN region has a strong interest and stake in stable global growth. We support the broad-based international cooperative effort to increase the resources of the IMF for precautionary and crisis resolution purposes. Indonesia, Malaysia and Thailand will undertake the necessary domestic consultations to join this international effort.

SEC Charges British Twin Brothers Touting "Stock Picking Robot" In Internet Pump-And-Dump Scheme

Date 20/04/2012

The Securities and Exchange Commission today charged twin brothers from the U.K. with defrauding approximately 75,000 investors through an Internet-based pump-and-dump scheme in which they touted a fake “stock picking robot” that purportedly identified penny stocks set to double in price. Instead, the brothers were merely touting stocks they were being paid separately to promote.