20 April 2008
Heading a top ranking delegation to the spring forum of the International Monetary Fund and the World Bank on April 12-13 in Washington D.C., Governor of the Central Bank of Iran HE DR. Mazaheri and His Excellency's entourage attended the G24 ministerial summit voicing their support for the stances adopted by the developing nations specially those adopted by the Islamic Republic of Iran.
Top on the agenda of the discussions of the G24 summit, were the global economic prospects, modifications to the quotas of the developing nations, global warming, as well as financing development in the developing world.
On the global economic prospects, the participants underscored that despite the ongoing financial crisis in the financial markets and the subsequent down turn in global economic growth, the developing nations to some extent have managed to reduce their vulnerability against the crisis by taking up proper measures and adopting precautionary economic policies. The G24 ministers then underlined the need by the developed countries to act more cautiously and to adopt the necessary financial and economic policies. The summit also recommended that the developing nations prevent the spread of this crisis by taking up proper measures. On modification of the quotas and voting rights of the developing nations with the International Monetary Fund, it was proposed that the voting mechanism and quota distribution amongst the "Burton Woods" institutions be adjusted without weakening the position of any of the developing nations.
On the sidelines of the sessions, a number of meetings were held between Iran's Central Bank delegation and central bank governors from other countries where issues of mutual concern as well as development of banking, economic and regional cooperation were raised. The event also saw a meeting between Iran's Central Bank delegation and the IMF Middle East bureau's Chief and team of experts during which the latest economic status as well as the most recent achievements in place were raised by HE Governor Mazaheri.