IMF members delete anti-protectionism pledge, keep currency commitments

IMF Managing Director Christine Lagarde (2nd L) greets Pakistan's Finance Minister Muhammad Ishaq Dar as (seated, L-R) Mexico's Finance Minister Agustin Carstens, German Finance Minister Wolfgang Schauble and U.S. Treasury Secretary Steven Mnuchin take their seats for a family photo for the International Monetary and Financial Committee (IMFC), as part of the IMF and World Bank's 2017 Annual Spring Meetings, in Washington, U.S., April 22, 2017.   REUTERS/Mike Theiler

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, 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.

[Source:- Reauters]