H.E. Deputy Prime Minister and Minister of Finance and Acting Minister of Oil Anas Al-Saleh with the head of the
International Monetary Fund Mrs. Christine Lagarde at IMF World Bank annual meetings in Washington
The IMF has embraced change at a phenomenal pace:
From dealing with the financial crisis, to reform of our lending facilities, surveillance, and capacity building. About 75 programs for a total of US$415 billion; close to 670 Article IV consultations; and almost 17,000 technical assistance missions.
Just since our Annual Meetings last year , we have been able to complete the 2010 Quota and Governance reforms, following ratification by the U.S. Congress. This led to an important shift in the Fund’s representation—with four emerging market countries now in our top-ten shareholders. Let me thank President Obama for his personal support in getting us across the finish line.
Just a week ago , we were able to include the Chinese renminbi in the Special Drawing Rights basket—a significant step for China and the global economy. I would like to recognize the Chinese authorities for their efforts in fulfilling the SDR criteria.
Just a few days ago , our membership decided to extend zero interest rates on all IMF concessional facilities – an important step to help low-income countries deal with future shocks and to achieve the Sustainable Development Goals
And as of today , our members have pledged to strengthen our third line of defense with a framework of bilateral borrowing agreements totaling more than $340 billion – which will help to maintain the IMF’s firepower at around $1 trillion. Our thanks to those countries that have already committed to this effort—and to those who intend to commit.
How have we been able to reach these milestones? With the tremendous support received from you—and from your representatives on our Executive Board. And, of course, we would not have been able to do anything had it not been for my exceptional colleagues on the Management team; and our talented, dedicated, and excellent staff.