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Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme/No Pennies -- Ignore unavailable to you. Want to Upgrade?

To: TokyoMex who wrote (5248)	10/4/1998 9:34:00 PM
From: TokyoMex	Read Replies (1) \| Respond to of 119973

Sunday October 4, 8:54 pm Eastern Time IMF warns world economic outlook has worsened WASHINGTON, Oct 4 (Reuters) - The International Monetary Fund said on Sunday the global economic outlook had seriously worsened in recent months and urged member nations to do all they could to restore market confidence and boost growth. ''The outlook for the world economy has worsened considerably ... with a scaling down of prospects for growth of output and trade,'' the IMF's Interim Committee, the fund's policy-making forum, said in a statement. The IMF reiterated its support for last week's cut in U.S. interest rates. It noted that while inflation and growth prospects in most industrial nations were still ''favorable'', the global crisis was threatening to have ''spillover effects'' on those nations, as well. As for Europe, it welcomed expected downward interest rate convergence in the coming months as the region prepares for its planned single currency. The panel urged Japan to sort out the weakness in its financial sector and take action to revive its flagging economy. It called on Russia to boost its rouble currency and resolve its debt problems with creditors in a ''cooperative'' manner. The fund urged support for emerging economies trying to fend off the effects of mounting global turmoil, notably those with sound economic reform programs. In what appeared to be a reference to hedge funds, the IMF said it would commission studies to determine whether additional disclosure regulations would be needed to better weigh the risks of certain institutional investors ''including highly-leveraged operations'' The IMF panel reiterated the fund's view in principle that ''introducing or tightening capital controls is not appropriate to deal effectively with fundamental economic imbalances.'' It said that it would nevertheless seek a review of certain experiences in the use of controls on temporary capital movements ''and the circumstances under which such measures may be appropriate.'' The fund also repeated earlier calls on the private sector to become more involved in both preventing and resolving financial crises. Referring to a recent proposal by the U.S. government to give crisis-hit nations easier access to capital, the fund said it ''agreed to explore'' a mechanism -- based in the IMF -- to ''provide more effectively contingent finance to help countries pursuing sound policies to maintain stability in the face of difficult global financial conditions.'' . -------------------------------------------------------------------------------- Related News Categories: currency, international, options, US Market News