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    TheSun 2009-03-23 Page15 Rudd Urges Greater Say For China

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    Rudd urges that China be given greater influence and voting rights in the IMF to better reflect its growing economic importance. He argues that as China is expected to contribute financially to help revive the global economy through the IMF, it deserves a greater say in the organization. Rudd will propose reforms at the upcoming G20 meeting to increase IMF funding and flexibility so it can better prevent future economic crises. Recent data shows Australia's economy has already contracted and may be heading toward a recession as the global downturn hurts demand for its exports.

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    TheSun 2009-03-23 Page15 Rudd Urges Greater Say For China

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    Rudd urges that China be given greater influence and voting rights in the IMF to better reflect its growing economic importance. He argues that as China is expected to contribute financially to help revive the global economy through the IMF, it deserves a greater say in the organization. Rudd will propose reforms at the upcoming G20 meeting to increase IMF funding and flexibility so it can better prevent future economic crises. Recent data shows Australia's economy has already contracted and may be heading toward a recession as the global downturn hurts demand for its exports.

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    Rudd urges that China be given greater influence and voting rights in the IMF to better reflect its growing economic importance. He argues that as China is expected to contribute financially to help revive the global economy through the IMF, it deserves a greater say in the organization. Rudd will propose reforms at the upcoming G20 meeting to increase IMF funding and flexibility so it can better prevent future economic crises. Recent data shows Australia's economy has already contracted and may be heading toward a recession as the global downturn hurts demand for its exports.

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    TheSun 2009-03-23 Page15 Rudd Urges Greater Say For China

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    Rudd urges that China be given greater influence and voting rights in the IMF to better reflect its growing economic importance. He argues that as China is expected to contribute financially to help revive the global economy through the IMF, it deserves a greater say in the organization. Rudd will propose reforms at the upcoming G20 meeting to increase IMF funding and flexibility so it can better prevent future economic crises. Recent data shows Australia's economy has already contracted and may be heading toward a recession as the global downturn hurts demand for its exports.

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    theSun | MONDAY MARCH 23 2009 15

    news without borders

    Rudd urges greater say for China


    MELBOURNE: The International Monetary Belgium and the Netherlands. “It could occur if you’ve got a huge
    Fund (IMF) must give China a greater say “Now let’s just get up with the realities of
    implosion in the economy say in Central
    if it wants to accurately reflect global eco- the 21st century.” and Eastern Europe or elsewhere in the
    nomic reality in the 21st century, Australian Rudd said Australia would take a raft developing world, which then washes back
    Prime Minister Kevin Rudd said yesterday. into the world’s major banks
    Rudd, a Mandarin-speaking Sinophile, Everyone is expecting China to put its again, and that affects all of us,
    said he would raise the issue at next money on the table, that’s fine. But you quite apart from those countries
    month’s G20 meeting in London and at themselves,” he said.
    his first meeting with US President Barack know in the IMF, China’s voting rights are “So what do you do about
    Obama this week in Washington. currently the same as those of Belgium and it? The IMF ... needs to have
    He said if China is expected to play a ma- the Netherlands.” more resources than it’s cur- AIG bonuses higher
    jor part in IMF’s efforts to revive the global rently got, more flexibility
    economy, it deserved a vote that reflected
    its status. “Everyone is expecting China to
    of proposals to the G20 meeting aimed at than it’s currently got, to intervene early
    increasing the organisation’s funding and with those emerging crises.” than disclosed: Paper
    put its money on the table, that’s fine,” Rudd making it more flexible. The IMF was formed in 1944 to oversee WASHINGTON: The political scandal over AIG bonuses
    told Channel Nine television. He said a reformed IMF would have the international monetary system, includ- hit a new high last Saturday as US media reported
    “But you know in the IMF, China’s vot- greater scope to prevent “second wave” ing exchange rates, and provide temporary the bailed-out insurance giant paid US$218 million
    ing rights are currently the same as those of crises arising from the global recession. financing to struggling countries. – AFP (RM806.6 million), over US$50 million more than had
    been disclosed.

    ‘Virtually impossible for Aussie economy to grow’ Connecticut Attorney-General Richard Blumenthal
    calculated the new figures for bonuses paid out by
    the embattled American International Group after
    MELBOURNE: Prime Minister Australia’s economy could grow ties has collapsed as waning de- ing to have roll-on consequences receiving documents from the company Friday, the
    Kevin Rudd said yesterday it was amid a global recession that “is get- mand means exporting countries for our growth, our jobs and our Hartford Courant reported.
    “virtually impossible” for Aus- ting worse before it gets better”. need less raw materials. budget,” he said. The company was quick to reject Blumenthal’s
    tralia’s economy to grow in the “It’s clear that the impact of Unemployment in Australia Rudd’s centre-left Labor gov- number, asserting that the bonuses amounted to the
    current climate, all but conceding a worsening economic global recently hit a four-year high of ernment has implemented two previously disclosed total of US$165 million.
    a recession is looming. recession will make it virtually im- 5.2% and Rudd said the global stimulus packages worth more AIG spokesman Joseph Norton said that the
    The economy shrank for the possible for Australia to sustain a downturn would hurt the labour than A$50 billion (RM120 million) company’s CEO, Edward Liddy, had fully explained the
    first time since 2001 in the final positive economic growth for the market “just as night follows day”, to try to cushion the economy bonuses to Treasury Secretary Timothy Geithner.
    quarter of last year and a similar period ahead,” Rudd told Channel although he refused to say how and the prime minister refused to “Mr Liddy said in his correspondence to Mr
    outcome in the first three months Nine television. high he believed it would climb. rule out further packages. Geithner that a payment under the retention pro-
    of 2009 would put Australia in Australia enjoyed eight years “If the global economy is “We reserve the right to take gramme was made in December before this latest
    recession – defined as two straight of strong growth, largely due to a shrinking and global trade is whatever further action is neces- March payment,” Norton said. – AFP
    quarters of negative growth. China-driven resource boom, but shrinking for the first time in a sary to continue to support the
    Rudd said he did not see how demand for Australian commodi- quarter or a century, then it’s go- economy and jobs,” he said. – AFP

    ‘S’pore’s economy to take at


    least three years to recover’
    SINGAPORE: Singapore’s it could take up to six years for
    export-dependent economy will the island-state to bounce back
    take at least three years to recover from recession, he said.
    from the recession triggered by He has previously said that
    the financial crisis, the Southeast Singapore’s recovery depends on
    Asian country’s most powerful that of the United States and that
    politician was quoted as saying. the world’s biggest economy was
    The Straits Times on Saturday “fundamentally sound”.
    quoted former Prime Minister Lee, 85, was modern Singa-
    Lee Kuan Yew as saying that pore’s first prime minister and
    a recovery within two to three held that office for 31 years.
    years was part of an optimistic Earlier this month, he forecast
    scenario that assumed a turna- that gross domestic product of
    round in the US economy next the island of 4.8 million people
    year. could shrink by 10% this year.
    Under a pessimistic scenario, – Reuters

    Truly Asia
    campaign
    wins top
    honour
    pg 16

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