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Unformatted text preview: A P P E N D I X V I Fifty-Third Meeting, Washington, D.C., September 26, 1999 1. The Interim Committee held its fifty-third meeting in Washington, D.C. on September 26, 1999, under the Chair- manship of Mr. Gordon Brown, Chancellor of the Exchequer of the United Kingdom. The Committee expresses its appre- ciation to the outgoing Chairman, Mr. Carlo Azeglio Ciampi, formerly Minister of the Treasury of Italy and currently Presi- dent of Italy, for his invaluable contribution to the Commit- tees work. Global Economic and Financial Conditions 2. The Committee welcomes the improvement in global economic and financial conditions since the beginning of this year. It has reviewed the challenges required to ensure that the recovery is sustained. In many emerging market economies and developing countries, raising growth rates on a lasting basis will require not only sustained growth in industrial countries, but also key structural reforms. These include banking reform, corporate restructuring, tax reform and tax administration, establish- ment of effective legal systems, protection of property rights, and improved governance. Recovery is taking hold in crisis-affected countries in Asia, aided by supportive fiscal policies, accommodative mone- tary policies, and a return of financial market confidence. Financial sector restructuring is generally moving ahead, but further efforts are needed to complete the task. In addition, corporate restructuring and institutional reforms should be accelerated. Indonesias recovery has been inter- rupted by structural and political problems that will need to be resolved speedily in order for economic recovery and reform to resume. China and India have weathered the cri- sis relatively well and economic performance has been sus- tained, but significant challenges in some areas remain to be addressed. In Russia, the Committee welcomes the efforts of the IMF to work with the Russian authorities to encourage macro- economic stabilization, the continuation of reforms, and the further integration of Russia into the global economy. While acknowledging the recent initial measures to restruc- ture the banking system, strengthen the integrity of finan- cial policies and institutions, and improve governance and transparency, the Committee stresses the urgent need for further progress. It calls on the IMF to work with the Russian authorities to strengthen reforms in these and other areas that are important for economic growth. In Brazil, strict implementation of the Fund-supported program has restored confidence, and the outlook for some other countries in Latin America has also improved. In many other countries in this region, adjustment and reform efforts still require further strengthening....
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