WASHINGTON Member countries of the International Monetary Fund on Saturday pledged to work to reduce global imbalances but failed to repeat their past pledge to resist all forms of protectionism.
The International Monetary and Financial Committee (IMFC), the IMF’s steering body, also repeated its past commitments on currency exchange rates.
“We will refrain from competitive devaluations, and will not target our exchange rates for competitive purposes,” the IMFC said in a statement.
“We will also work together to reduce excessive global imbalances by pursuing appropriate policies. We are working to strengthen the contribution of trade to our economies,” it said.
The communique largely adopted the trade language from a G20 statement issued last month in Baden Baden, Germany, where U.S. Treasury Secretary Steven Mnuchin had said the anti-protectionism pledge was no longer relevant.
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