IMF’s Lagarde urges G20 to prioritise resolving trade tensions

By: |
June 9, 2019 4:15 PM

"To mitigate these risks, I emphasized that the first priority should be to resolve the current trade tensions, including eliminating existing tariffs and avoiding new ones," she said, adding that work is also needed to modernise the international trade system.

IMF, Lagarde, G20, trade tensions, economy news, central bank, economy news, Fukuoka, g20 newsIMF’s Lagarde urges G20 to prioritise resolving trade tensions (Reuters)

International Monetary Fund Managing Director Christine Lagarde on Sunday called on the Group of 20 major economies to prioritise resolving trade tensions to mitigate risks to global growth. “We met at a time when the global economy is showing tentative signs of stabilizing and growth is projected to strengthen. While this is good news, the road ahead remains precarious and subject to several downside risks,” Lagarde said in a statement after a meeting of G20 finance ministers and central bank governors.

“To mitigate these risks, I emphasized that the first priority should be to resolve the current trade tensions, including eliminating existing tariffs and avoiding new ones,” she said, adding that work is also needed to modernise the international trade system.

Read Also| BoB puts Bhushan Power & Steel, Alok Ind, 65 other accounts worth over Rs 9k cr on block as NCLT process gets delayed

“This would be the best way for policymakers to give more certainty and confidence to their economies and to help, not hinder, global growth,” said Lagarde, who took part in the G20 finance leaders’ gathering in Fukuoka, southern Japan.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1India’s power consumption grows nearly 47% in first week of April
2No backdate entries, recovery cases, more return filing, others help tax officers to up GST collection
3India needs to grow faster to make up for contraction during COVID-19 pandemic: IMF