The Financial Express
REUTERS, Washington, Sept 6: The World Bank and the International Monetary Fund, in an unusual joint statement to staff and board members, urged nations on Wednesday to open their markets and seek ways to pay for debt relief. The statement from World Bank President James Wolfensohn and IMF Managing Director Horst Koehler also outlined a broad division of labour between the two global lenders, which have often appeared at odds on policy and procedures. They said the the two institutions should cooperate closely. But the IMF should concentrate on core issues of monetary, fiscal and exchange rate policies and work out how to respond to developments in international financial markets. The World Bank's main task was to help countries curb poverty, focusing on the "institutional, structural and social" dimensions of economic development. "We share a vision of our two institutions working closely together to make a strong contribution to a better world," the two said. "To be most effective each institution needs to focus onits respective core tasks, while working together in complementary fashion in areas -- such as the financial sector - where our responsibilities overlap."
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