Unilateralism and protectionism will in fact only exacerbate domestic imbalances and undermine the necessary structural adjustments, which will not only have a negative impact on the countries concerned, but also weigh on global growth. At the current juncture, multilateral mechanisms are particularly needed to play an active role in promoting global growth and safeguarding financial stability.
With its near -universal membership of 189 countries, the IMF is well positioned to make unique contributions to this process. We expect the IMF to play a greater role. The IMF should continue to push ahead with quota and governance reforms to ensure that the institution remains strong, quota-based, and adequately funded to preserve its central role in the global financial safety net (GFSN).