Sustainable recovery

SEVEN years after the onset of the global financial crisis, the world still has a way to go to secure a sustainable recovery marked by strong growth that supports rapid job creation and benefits all, International Monetary Fund (IMF) managing director Christine Lagarde says in her foreword to the institution’s Annual Report 2014-From Stabilisation to Sustainable Growth, published last week.

Ms Lagarde says throughout the crisis and in the recovery period, the IMF has been, and continues to be, an indispensable agent of economic co-operation for its membership.

“The recovery is ongoing, but it is still too slow and fragile, subject to the vagaries of financial sentiment.

“Millions of people are still looking for work. The level of uncertainty might be diminishing, but it is certainly not disappearing,” she said in a statement.

The report covers the work of the IMF’s executive board and contains financial statements for the year May 1, 2013, to April 30, 2014.

It describes the IMF’s support for its 188 member countries, with an emphasis on the core areas of IMF responsibility: assessing their economic and financial policies, providing financing where needed, and building capacity in key areas of economic policy.

In the annual report, Ms Lagarde reflects on the 70th anniversary of the founding of the IMF.

Back in 1944, global leaders were determined to put the chaos and carnage of war behind them, and build a world based on collaboration instead of conflict, integration instead of insularity.

The IMF was founded on the core principle that the route to national prosperity runs through global prosperity.