Research methods of protecting the poor countries arising from the implications of the global financial crisis.

Dr. Youssef Boutros Ghali, Minister of Finance and the Chairman of the Monetary Policy Committee and Finance, International Monetary Fund Met yesterday, r. Mario Draghi, the Italian Central Bank Governor and the President of the Global Forum for financial stability and this on the sidelines of the meetings of finance ministers from the Group of Seven leading industrialized nations concluded their work in Rome on Saturday and was attended by Dr.. Ghali, for the first time in his capacity as Chairman of the Monetary Policy Committee and Finance Fund.

Dr Youssef Boutros-Ghali discussed with the Governor of the Central Bank of Italy the most important issues facing the global economy in light of the repercussions of the financial crisis on various countries around the world and the importance of updating of the control of global and national financial institutions and and the need for the commitment of States Members of the International Monetary Fund, the application of the rules and the impact of the new regulatory on the stability of the world's economies and the various national and international regulatory bodies.

The minister added that the talks also addressed the importance of coordination between national regulatory authorities at the international level and in terms of fiscal and monetary policies pursued by each individual State to face the repercussions of the crisis.

The meeting also discussed his vision for the development of working methods of the International Monetary Fund in order to strengthen the support provided by the Fund for the economies of developing countries and the volume of resources needed for the support and tools available to the financial and monetary authorities in emerging countries to cope with developments in the global economy and the methods available to the emerging nations to protect the poor from the repercussions of the global financial crisis while maintaining the financial solvency of the developing countries.

In this context, the Italian central bank governor assured about the importance of coordination between fiscal and monetary policies within the national economy, especially in light of global financial conditions experienced by the economies of the world, without exception.

And he added that the coming period will be challenges to the decision-makers in terms of the need for coordination between fiscal and monetary policies on one hand and to maintain the growth rates of local economies, on the other.

(Source: Ministry of Finance)