The Annual Meetings of the International Monetary Fund and World Bank Group are currently in progress in Dubai, the United Arab Emirates. On Sunday September 21 the International Monetary and Financial Committee (IMFC) held its autumn meeting. The IMFC is comprised of 24 government ministers or central bank governors representing the countries that sit on the Fund's Executive Board on behalf of individual constituencies. Chairman of the IMFC is Gordon Brown, the UK Chancellor of the Exchequer. Iceland is chairing the Nordic-Baltic constituency in 2002 and 2003. Geir H. Haarde, Iceland's Minister of Finance, who represents the constituency on the IMFC, delivered a joint statement to its meeting on behalf of the Nordic and Baltic countries. Mr. Haarde's speech presenting the constituency's statement has been published on the websites of the Ministry of Finance and Central Bank of Iceland.

In his statement, the Minister of Finance discussed global economic developments and prospects. He underlined that IMF member states should implement measures, not least structural reforms, to increase economic growth potential. Other priorities are greater market access for low-income countries and a continued joint effort by the world's nations to reach the UN Millennium Development Goals. In his discussion of IMF policy matters, the Minister of Finance emphasised further initiatives to enhance its surveillance role and the ongoing development of frameworks for preventing financial crises.

On Wednesday, September 24, Birgir Ísleifur Gunnarson, Chairman of the Governors of the Central Bank of Iceland, will address the IMF's annual meeting on behalf of the Nordic and Baltic countries. The speech will be published afterwards on the Central Bank's website.

For further information, please contact Jón Th. Sigurgeirsson, Director of the International Division of the Central Bank of Iceland, tel. (+354) 891-6888.

Nr.21/2003

September 22, 2003