G-7 financial chiefs to discuss global imbalances

Finance chiefs from the Group of Seven industrial powers will assemble tomorrow in Turkey for a regular but unusually short gathering to reaffirm their commitment to resolving global economic imbalances and discuss a range of other macroeconomic issues such as currency.     

In the meeting, which will probably run only for three hours, the G-7 finance ministers and central bank governors are expected to debate preparations to withdraw massive stimulus packages at an appropriate timing when the global economic recovery is ensured.     

Echoing the agreements at the recent Group of 20 developed and emerging countries' summit in Pittsburgh in the United States, the financial leaders are also likely to pledge anew to do their utmost to nurture the budding signs of economic recovery to sustainable growth, while confirming they will not rush to unwind emergency steps soon, Japanese officials said.     

The International Monetary Fund said yesterday in its twice-yearly World Economic Outlook report that it expects global growth to recover to the 3 per cent level in 2010 after contracting in 2009 under the weight of the worst financial crisis in generations.     

The G-7 gathering will be followed by a series of IMF and World Bank meetings, including their two-day annual meeting on Tuesday and Wednesday in the Turkish city.