Members of the IMF have backed a promise by the world's seven leading economies to do all they can to curb the raging global market turmoil as Euro zone countries meet Sunday to announce new rescue plans for banks. At a meeting on Saturday in Washington, the IMF's 185 member countries also pushed for more coordination with developing nations which are beginning to feel the effects of the global credit crunch. With global stock markets plunging and access to credit severely curbed across the globe, tackling the crisis required "exceptional vigilance, coordination and readiness to take bold action," a statement from the International Monetary and Financial Committee (IMFC), the IMF's policy-guiding body, read.
At a meeting on Saturday in Washington, the IMF's 185 member countries also pushed for more coordination with developing nations which are beginning to feel the effects of the global credit crunch.
With global stock markets plunging and access to credit severely curbed across the globe, tackling the crisis required "exceptional vigilance, coordination and readiness to take bold action," a statement from the International Monetary and Financial Committee (IMFC), the IMF's policy-guiding body, read.
