(2부에 이어서)

Government Borrowing and Public Debt Sustainability

10. In pursuit of our goal of strengthening the public sector balance sheet, work is needed to better assess risks to public debt sustainability. This includes, inter alia, taking into account country-specific circumstances, looking at transparency and comparability of public sector reporting, and monitoring the impact of financial sector vulnerabilities on public debt. We look forward to an update from the IMF and the World Bank on these issues according to their respective mandates.

11. The existing practices of public debt management also deserve attention. We therefore ask the IMF and the World Bank to take stock of the existing guidelines on effective management of public debt, namely the “Guidelines for Public Debt Management,” with a view to ensuring that they remain relevant and topical. We also note the ongoing work of the OECD to review leading practices for raising, managing and retiring public debt.

International Financial Architecture

12. We welcome progress made since the IMF and World Bank Annual Meetings in Tokyo on the G20 Leaders’ commitments in Los Cabos to provide the IMF with resources via bilateral arrangements, and call on the IMF and lending countries to finalize the remaining agreements.

13. We underscore the importance of enhancing the credibility, legitimacy and effectiveness of the Fund. We reaffirm the urgent need to ratify the 2010 IMF Quota and Governance Reform. We note the IMF Executive Board’s decision to integrate the process of reaching a final agreement on a new quota formula with the 15th General Review of Quotas. We commit to achieve, together with the whole IMF membership, an agreement on the quota formula and complete the General Quota Review by January 2014 as agreed at the Seoul Summit. We attach high importance to securing continued progress in meeting these objectives, including on key elements at the September St Petersburg Summit and subsequently at the October 2013 G20 Ministerial and IMFC meetings. We reaffirm our previous commitment that the distribution of quotas based on the formula should better reflect the relative weights of IMF members in the world economy, which have changed substantially in view of strong GDP growth in dynamic emerging market and developing countries. We reaffirm the need to protect the voice and representation of the IMF poorest members as part of this General Review of Quotas.

14. In line with the Leaders’ Declaration at the Cannes Summit, we note the ongoing work at the IMF and BIS on global liquidity indicators and will take stock of this work at our next meetings. We call for dissemination of the BIS research and call on the IMF to explore the possibility of incorporating global liquidity issues into its surveillance.

15. In Seoul, Cannes and Los Cabos our Leaders recognized the importance of effective financial safety nets. Given an important role played by Regional Financial Arrangements (RFAs), we will assess scope for a more effective dialogue between RFAs, as well as enhancing cooperation and increasing complementarities between the IMF and RFAs, building on the principles for cooperation we agreed on in 2011. We take note of the ongoing work at the IMF on this issue and look forward to an update on it at our next meeting in order to assess possible options for further policy recommendations by the time of the Leaders’ Summit in St Petersburg.
(계속)



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