Finance chiefs inch toward IMF vote agreement
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Global finance chiefs on Saturday  made progress on reforms that would give emerging economies a  greater say in the International Monetary Fund and expressed  confidence they could seal a deal next year.
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Poverty in Africa, global economic growth and revaluation of China's currency were the issues expected to dominate a two-day meeting of top G7 finance ministers.
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A meeting of finance ministers and central bankers from the world&#39;s wealthy nations with Chinese counterparts on Oct. 1 will be a key opportunity to discuss
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With global economic growth waning and a credit crunch threatening, finance chiefs from rich nations were gathering on Friday to mull how to control strains in financial markets and keep expansion going.
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The International Monetary Fund&#39;s top policy-making group on Saturday failed to close divisions over debt relief for the world&#39;s poorest countries.
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Finance Minister P Chidambaram will lead a high-level delegation for the annual IMF-World Bank meeting in Washington from October 1, where New Delhi would press for higher aid flows for infrastructure and social development.
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Finance chiefs from seven of the world's most powerful countries will convene here Saturday to assess prospects for a global economy threatened by simmering inflation, higher interest rates and foreign exchange uncertainty.
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Developing countries are agitating for greater decision-making power in the International Monetary Fund and the World Bank, but the head of the IMF acknowledged that political consensus on the question was lacking.
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The International Monetary Fund's board said on Monday that any country could nominate a candidate to succeed IMF Managing Director Rodrigo Rato, throwing open a job customarily given to Europeans.
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Global finance chiefs sought on Friday to put pressure on China to let its currency rise in value to ease global trade imbalances and also aimed to craft a message to soothe turbulent financial markets.
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The finance ministers and central bankers of the world's seven wealthiest countries met with their counterparts from the world's fastest growing economies on Saturday as clues about the group's planned communique became more apparent.
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WASHINGTON The world&#39;s economic powers, which ended three days of meetings yesterday, insisted they are moving closer to a deal on debt relief for Iraq and other poor nations even though an agreement has proved elusive.
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The International Monetary Fund&#39;s shareholder governments told Argentina in a meeting on Friday to live up to its promises in a $13 billion loan program to tackle
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Squabbling over voting clout soured  the International Monetary Fund's annual meeting on Sunday as  countries lined up to find fault with a plan crafted to reflect  a shifting balance of power in the world economy.
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Financial leaders from the world's richest nations stood ready to discuss a global policy response to the credit crisis, which has unleashed economic downdrafts and market turbulence that knows no borders.
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Global finance ministers gather in Washington for simultaneous meetings of the G7, World Bank and International Monetary Fund.
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Pressure mounted on Sunday on a clutch of mainly developing countries to sign off on debt relief for Liberia held up over how to finance the International Monetary Fund's portion of the deal.