Deputy PM sent a message to IMF and World Bank

Deputy Prime Minister Ali Babacan said in a message to International Monetary Fund (IMF) and World Bank yesterday that the strength of global economy is fading each day.  Babacan’s commets came prior to attending IMF and World Bank meetings in Washington on 23-25 September.  Babacan said debt crisis of countries went up, resulting in political conflicts and a lack of coordination and decisive action. “Weak growth prospects undermined market confidence and made it harder to achieve significant fiscal consolidation,” he said. Turkey has urged policymakers to develop a medium-term approach and announce credible targets, which would help rebuild confidence in markets, Babacan said, adding that countries should improve the regulation of commodity markets and increase the transparency of price-setting mechanisms. Unemployment is another challenge, he added, calling on nations to prepare the workforce for the requirements of the new economy.