Tomorrow I will meet with my fellow G-20 Finance Ministers in Washington DC to discuss the deteriorating state of the global economy in advance of the upcoming Budget, as well as actions to tackle the challenges of the global recession. ;
This meeting follows the fifth downgrade to the IMF's global growth forecasts in six months. ; In numbers released overnight, the IMF is now forecasting the global economy to contract by 1.3 per cent in 2009, and advanced economies to contract by 3.8 per cent.
The G-20 Finance Ministers Meeting has been convened by US Treasury Secretary Geithner to discuss implementation of measures agreed at the London Summit and to shape the agenda for the next G-20 Leaders Summit, which will be hosted by the United States later this year.
This meeting will provide a critical opportunity to discuss the global recession with fellow G-20 Finance Ministers and get a first-hand assessment of how it is impacting on their economies.
These soundings will feed into important final decisions for the preparation of the upcoming Budget which will be delivered amid the most challenging global economic conditions in living memory.
I will also attend the Spring Meetings of the IMF and World Bank where we will continue with our ambitious agenda for reforming the IMF and multilateral development banks.
In addition to meeting with the Finance Ministers of G-20 economies, I will also meet with the head of the IMF, Mr Dominique Strauss-Kahn, the head of the World Bank, Mr Robert Zoellick, and the Chairman of the Financial Stability Board, Mr Mario Draghi.
While in Washington, I will also speak at the ANZAC memorial service at the Washington National Cathedral.
23 April 2009