HANOI - G20 finance ministers, top officials from the Asian Development Bank (ADB) and International Monetary Fund (IMF) and other key Asian policymakers will attend a high- level seminar here Wednesday to discuss reforming the international monetary system to promote greater global monetary and financial stability.
The seminar, organized by ADB, France, as the chair of the G20 group of leading emerging and advanced economies, the IMF, and the Japanese Ministry of Finance, takes place in the context of slow growth and high government debt in advanced economies.
According to ADB, Finance Minister of France Christine Lagarde, Finance Minister of Japan Yoshihiko Noda, Finance Minister of India Pranab Mukherjee, and Finance Minister of Indonesia Agus D.W. Martowardojo, ADB President Haruhiko Kuroda and the IMF's Deputy Managing Director Naoyuki Shinohara will join the panel.
"We have yet to fix the current international monetary system, which fails to address issues such as large and volatile capital flows, undue exchange rate pressures, and disruptions in providing sufficient global liquidity in times of market distress," Kuroda said on the eve of the talks.
The monetary and financial reforms to be discussed at the meeting are critical to helping Asia achieve strong and sustainable growth for all, he said. (Xinhua)