IMF: World economy narrowly avoids derailment, though concerns remain
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...meantime, there was progress at the technical level, especially a broad agreement that an increase in IMF resources could be done through bilateral borrowing and note purchase agreements. We have used this model before, and we know it can work quickly. We also need additional technical work on risk mitigation. Clearly the primary safeguard to Fund resources will be, as always, sound economic programs and strong monitoring, but our Executive Board will also assess other risk mitigation policies in due course. Additionally, I welcome G-20 support for completing the 2010 quota reform agreement, and I urge countries to quickly ratify the measures necessary to implement this important agreement.
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