Sunday, April 22, 2012

IMF urges eurozone to make bold reforms

The International Monetary Fund (IMF) has told the eurozone it must make bold reforms to reassure financial markets.

A statement from its governing council, says the 17-strong eurozone needs to make major structural reforms to boost confidence and growth.

On Friday, the annual meeting of the global body gained commitments from a range of countries to increase its lending firepower to $430bn (£247bn).

IMF head Christine Lagarde said the money was not just for the eurozone.

The IMF 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 that the global economy was recovering gradually but that "risks were high" and interest rates needed to remain low.

The US did not provide any extra loans. Read More