RTTNews - Friday, International Monetary Fund First Deputy Managing Director John Lipsky called for forceful policies to tackle financial sector stress and continued international collaboration to ensure signs of economic improvement lead to a sustained global recovery.
It is far too early to conclude that the goal of restoring global growth has been accomplished, Lipsky told the Turkish Industrialists' and Businessmen's Association in Bodrum. In this context, it should be clear that continued strong policy actions will be needed to ensure a turnaround in economic activity during the remainder of this year and 2010.
He stressed that robust growth will not be achieved until continuing financial sector problems are addressed forcefully.
He said policies should focus in the near term on restructuring weakened financial institutions by cleansing banks' balance sheets of impaired assets, assessing bank viability and ensuring bank recapitalization where needed.
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