October 18, 2019 / 4:08 PM / 24 days ago

IMF steering committee agrees trade tensions must be resolved, WTO reformed - draft communique

FILE PHOTO: The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S.,September 4, 2018. REUTERS/Yuri Gripas

WASHINGTON (Reuters) - Global trade tensions are among the top risks to a dimmer global growth outlook and need to be resolved through a reformed World Trade Organization, a draft communique from the International Monetary Fund’s Steering Committee (IMFC) showed on Friday.

“A strong multilateral trading system with well-enforced rules addressing current and future challenges is needed. To this end, we recognise the need to resolve trade tensions and we support the necessary reform of the World Trade Organization to improve its functioning,” said the draft, which was seen by Reuters.

The draft, which will be published on Saturday and may yet change, also reiterated that the members of the IMF pledged to refrain from competitive devaluations and would not target their exchange rates for competitive purposes.

Reporting by Jan Strupczewski; Editing by Paul Simao

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