News Briefs
Japan and the IMF
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IMF Management Welcomes Japanese Economic Package
The management of the International Monetary Fund (IMF) welcomed
the substantial economic stimulus package totaling Y14 trillion
announced by the Government of Japan today.
IMF Managing Director Michel Camdessus said: "This new package
will provide a significant boost to the Japanese economy. It is well
in line with what was considered appropriate in our ongoing
discussions with the Japanese authorities. Together with the latest
cut in the official discount rate and recent actions that have
contributed to an orderly decline of the yen, the new package should
place the economy firmly on a path of sustained economic recovery.
The authorities are now in a stronger position to address decisively
the remaining problems of the financial sector and to accelerate
structural reform.
"In due course, as the recovery becomes entrenched, it will be
critical to resume fiscal consolidation," Camdessus said.
IMF EXTERNAL RELATIONS DEPARTMENT
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