IMF Urges Swift Action to Stop Spread of Economic Crisis
By Geetha Pillai: Subscribe to Geetha's
October 11, 2012 6:22 AM GMT
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The International Monetary Fund has urged policymakers across the world to take swift action as the eurozone crisis and global slowdown have started affecting the emerging nations, a major force in pulling the world out of the 2009 recession.
"We expect action and we expect courageous and cooperative action on the part of our members," said IMF chief Christine Lagarde ahead of the annual meeting of the IMF in Tokyo.
Echoing the same sentiment, World Bank President Jim Yong Kim said: "Developing countries, which have been the engine of growth, will not be immune to the increased uncertainty in the global economy."
Two major emerging nations have cut their base interest rates reflecting the global uncertainty and domestic growth.
Brazil has cut its benchmark interest rates by 25 basis p
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