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Meetings with G-20 counterparts on global financial crisis.



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MEETINGS WITH G-20 COUNTERPARTS ON GLOBAL FINANCIAL CRISIS

Today I will be meeting with my counterparts ahead of the G-20 Finance Ministers and Central Bank Governors meeting in Sao Paulo, Brazil.

These G20 meetings come at a critical time for the global economy, which is now facing the most difficult financial conditions since the Great Depression.

I will outline the need for reforms to deal with the global financial crisis and its impacts on the global economy, as well as reforms required to strengthen the global financial architecture.Our discussions will also focus on the important role the G-20 Leaders' meeting in Washington on 15 November will play in addressing the global financial crisis.

I will be meeting with the Korean Minister of Strategy and Finance, Mr Je-Yoon Shin, Korean Deputy Minister for Strategy and Finance, to discuss the importance of countries from our region playing a key role in addressing the global financial crisis through forums such as the G20. We will also discuss issues related to the East Asia Summit, the regional reserve pooling arrangements, possible expansion of the membership of the Financial Stability Forum to include key emerging market economies, and issues concerning the constituency Australia and Korea share at the IMF.

I will meet with the Chairman of the Financial Stability Forum (FSF), Mr Mario Draghi to discuss the importance of the full implementation of the FSF's April 2008 recommendations for enhancing market and institutional resilience. We will also discuss the proposals additional recommendations put forward by the Prime Minister on 25 September.

In addition, I will meet with the Managing Director of the International Monetary Fund, Mr Dominique Strauss-Kahn. As well as the G-20 Finance Ministers' and Leaders' agendas, we will discuss the IMF's latest global growth forecast. The IMF is now forecasting advanced

economies to contract in 2009, which would be the first annual contraction in the post war period. We will also discuss steps being taken to strengthen the IMF's capacity to provide early warning of future crises and the role the IMF can play in reducing the impacts on of the global financial crisis on world economic growth.

Finally, I will meet with World Bank President, Mr Robert Zoellick, to discuss the capacity of the World Bank to assist developing countries affected by the global financial crisis and his views on the evolution of global forums to give greater voice to key emerging market economies.

SAO PAULO, BRAZIL 7 November 2008

Media Release of 07/11/2008