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China's stimulus plan a great contribution to world

(Xinhua)
Updated: 2009-03-21 22:22

He said that the economic recovery, to a large extent, depends on whether the governments of different countries can take effective measures to reform their financial institutions and systems.

He added that if the financial and monetary conditions were improved, then the world would jump out of the current crisis at an earlier date. If the signs of recovery could appear in the second half of this year or in this summer, then the world could gradually walk out of this financial crisis.

In another report, the IMF said on Thursday that the world economy is expected to contract in 2009 for the first time in 60 years as advanced economies will shrink sharply.

Global activity will contract by 0.5 to 1 percent on an annual average basis, the first such fall in 60 years, the IMF said in an analysis provided to the Group of 20 (G20) industrialized and emerging market economies.

Advanced economies will suffer deep recessions in 2009, while the United States will contract 2.6 percent, the assessment said.

Capital injection into IMF at G20

Responding to the question of capital injection into the IMF at the upcoming G20 summit in London, Portugal said the IMF had enough resources to manage the problems the world economy is facing now.

From the start of economic crisis, our credit capability is 250 billion US dollars, among which we have used 50 billion dollars, so we still have 200 billion dollars left, said Portugal, adding that we hope to prepare for the worst to come, if more countries need our financial support. So far, we have got some commitments on capital injection from some countries.

He said that Japan is the first country to make such commitment. The IMF has signed the agreement with Japan, which has pledged to add 100 billion US dollars to IMF's funds. We can lend the money out, said Portugal.

Ahead of the G20 summit, the United States is calling for trebling of the IMF's resources to help countries facing financial and economic problems.

In preparation for the summit, finance ministers and central bankers from the G20 agreed last weekend to boost the IMF's funding capacity, but gave no figures.

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