UPDATE 2-G20 eyeing fallout from Ukraine; pushes U.S. on IMF reforms
(Updates with final communique)
By Gernot Heller and Jason Lange
WASHINGTON, April 11 (Reuters) - The world's top economies are monitoring the economic situation in Ukraine for any fallout that may pose risks to economic and financial stability, the Group of 20 finance ministers and central bankers said on Friday in a final communique.
G20 officials also kept up the pressure on the United States, which has held up IMF reforms agreed in 2010 that would double the Fund's resources and give more say to emerging markets. The G20 said it was "deeply disappointed" in the delays and will work with the IMF on options on how to advance the reforms if the United States did not move forward by year-end.
While the final communique was less specific on some key points than the one the G20 issued in February, including on the spillover effects of monetary policies in advanced nations, a G20 source downplayed those changes as stylistic and not substantive.
Addressing the crisis in Ukraine, the G20 said the International Monetary Fund and the World Bank remain best-placed to help countries deal with their economic challenges "through policy advice and catalytic financing."
"We are monitoring the economic situation in Ukraine, mindful of any risk to economic and financial stability, and welcome the IMF's recent engagement with Ukraine as the authorities work to undertake meaningful reforms," the G20 said during the IMF-World Bank spring meetings in Washington.
"The situation in Ukraine highlights the important role of the IMF as the world's first responder to financial crises."
Ukraine's economy was thrown into chaos after popular protests in Kiev ousted pro-Russian president Viktor Yanukovich in February, and Russia seized Ukraine's Crimea and annexed it, causing the worst standoff between Moscow and the West since the Cold War. Continuación...