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April 12, 2008

World's Top Financial Leaders Meet in US To Tackle Global Economic Crisis 
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On Friday, G7 finance ministers held round of opening talks 
Some of the world's top financial officials are meeting in the United States this weekend to tackle issues involving the global economic crisis.

Officials with the International Monetary Fund and the World Bank are holding their semi-annual meetings in Washington to discuss threats from the slowing global economy, rising inflation and financial market turmoil. One major item on the agenda is the severe credit crisis.







The G7 finance ministers pose for a group photo at the Treasury Department in Washington, 11 Apr 2008On Friday, finance ministers from the world's major industrialized countries held a round of opening talks.

The Group of Seven chiefs warned of difficult economic times ahead, due to the turmoil in the U.S. housing market and soaring energy prices.

They also issued a set of recommendations to restore economic growth and prevent a future financial crisis, including more transparency of financial institutions.

The finance minister called on banks to disclose risky investments and implement better risk management policies. They also recommended changes in the way investors use and assess credit ratings - a key issue in the U.S. housing crisis

Also on Friday, the IMF said the global economy will slow more than one percent this year.

An IMF study blamed the slowdown on problems in advanced economies, particularly the United States. But it said developing nations are weathering this economic downturn better than they have similar incidents in the past, because they are better integrated into the world economy.

Many developing nations have benefitted from major price increases for the commodities they export and have worked to diversify their economies to ease the ups and downs that affect commodity markets.

The G-7 nations are Britain, Canada, France, Germany, Italy, Japan and the United States.

Some information for this report was provided by AFP and AP.



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