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Friday, January 29, 2010

CRS Issue Statement on International Financial Institutions

Martin A. Weiss, Coordinator
Specialist in International Trade and Finance

Extensive congressional focus on the International Financial Institutions (IFIs) may continue during the 111th Congress, due to the IFI's intensive involvement in global efforts to recover from the global financial crisis. Developing countries were particularly hard-hit by the crisis. The financial crisis led to a contraction in global trade, reduced demand for primary product exports, and a drop in global capital flows. The result of these trends is lower levels of economic growth and increased poverty in many developing countries. Whereas many advanced and some emerging market economies have used fiscal spending to stimulate their economies, most developing countries have not been able to afford this level of stimulus spending. 

In addition to focusing on the crisis's impact on developing countries, concerns about international financial stability and economic development led to an increased focus on the IFI's global macroeconomic surveillance efforts. To improve these efforts, leading member countries agreed to increase the shares and votes of major developing countries. Moreover, as of fall 2009, the Group of 20 nations is the leading forum for major international economic coordination activities

Date of Report: January 13, 2010
Number of Pages: 3
Order Number: IS40336
Price: $7.95

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