News & Reports News Year 2010 November , 2010 IMF chief: Financial crisis not over yet

IMF chief: Financial crisis not over yet


The International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn warns that the global financial crisis is far from over, stressing that more jobs should be created.
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“Even if certain politicians are prematurely declaring the crisis as over, my answer is no”, AFP quoted Strauss-Kahn on Wednesday.

The IMF chief insisted that the uneven pattern of global economic recovery, since the great recession of the 2009, was to some extent responsible for the continuation of the crisis.

He also argued that given the current economic crisis and sluggish recovery, some countries are using their currencies as "weapons" to get themselves out of the recession, which he considered as a new danger to global economy.
Strauss-Kahn made the comments in reference to the US Federal Reserve's announced plans to inject $600 billion into the country's economy by the end of June 2011.The United States has been fiercely criticized for its planned quantitative easing steps.

The move is believed to improve the US slow-moving economy, as it partially weakens the dollar's value and thus helps the country's exporters to be more competitive and stimulates job creation.

According to the IMF chief, the global economic crisis will not be over until millions of jobs are created or recovered.

Also earlier in November, he said that the financial crisis had cost millions of people their jobs.
"The world has lost 30 million jobs because of the global crisis, and the expectations for the years to come are 400 million," Strauss-Kahn said at the opening of a human development forum in Morocco.
"In the framework of the new globalization, the first priority is employment, the second priority is employment and the third priority is employment," the director insisted.