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IMF and World Bank Meetings Begin With Growth Forecasts and Crisis Risk Warnings
by Abby Wilhelm
Friday Oct 13th, 2017 8:32 AM
The International Monetary Fund (IMF) and World Bank begin their annual meetings which run between October 13th and 15th.
The International Monetary Fund (IMF) and World Bank begin their annual meetings which run between October 13th and 15th. On Thursdayahead of the gathering of Finance Ministers, Central Bank Governors and Government leaders, IMF head Christine Lagarde noted that even though they are predicting global economic growth, risks linger for another financial crisis. On Wednesday the IMF released its Global Financial Stability Report which laid out new tools for predicting financial crisis.

"Unfortunately, I think that there isn't appetite among IMF Executive Directors to move forward actual tools to prevent the next financial crisis," noted Eric LeCompte who has observed IMF and World Bank Meetings since 2010. LeCompte is the Executive Director of the religious development coalition Jubilee USA. "While IMF staff are looking at better ways to predict crisis, we are not putting in place the actual tools to prevent the next financial crisis."

On Thursday morning, LeCompte's group, Jubilee USA, hosted a panel at the IMF on putting in place solutions to end financial crises.

"A few years ago the IMF was proactively looking at structural solutions that stop financial crises and limit austerity policies, but it seems that work has been sidelined," stated LeCompte who serves on United Nation finance expert groups.‎

Earlier in the week the IMF released its biannual World Economic Outlook report, which warned about climate impacts on vulnerable countries.
§IMF Reports Global Growth and Releases New Ways to Predict Economic Crisis
by Abby Wilhelm Wednesday Oct 11th, 2017 7:27 AM
The International Monetary Fund (IMF) releases its biannual report on global economic stability and presents new indicators it says can help predict financial crisis.

"The IMF is trying to put better tools in place to predict financial crisis and impediments to economic growth," noted Eric LeCompte who tracks IMF reports as the Executive Director of the religious development coalition Jubilee USA. "While the IMF is looking at better ways to predict crisis, we still have not put in place the actual tools to prevent financial crisis."

On Thursday morning, LeCompte is moderating a special panel at The Fund ahead of the annual meetings on financial crisis prevention. Dr. Steven Schwarcz will present new policy instruments that can resolve debt and financial crisis. Tirivangani Mutazu of African Forum and Network on Debt and Development (AFRODAD) will explain why prevention is necessary as developing countries experience new debt crises.

"The IMF's report warns of increased credit risks and we are more concerned now with unstable debt loads in both poor and wealthy countries," stated LeCompte who serves on United Nation finance expert groups.‎ "I'm concerned that high debt burdens and more risky market behavior will lead to another financial crisis sooner than later."

Yesterday, the IMF released its biannual World Economic Outlook report, which warned about climate impacts on vulnerable countries.