Global conditions remain "tough" but economies in better shape: Tharman

TOKYO - Conditions in the global economy remains "tough" but countries are now in a "better position" policy-wise, Mr Tharman Shanmugaratnam, deputy prime minister and chairman of the IMF's International Monetary and Financial Committee (IMFC) said yesterday.

         Speaking to reporters in Tokyo, Mr Tharman said that global economies were in a better shape now compared to six months ago, as they have instituted policies to restart growth and consolidate their fiscal positions.

         A communique released after the 26th meeting of the IMFC noted that key policy steps have been put in place across various economies. But "effective and timely" implementation of policies is critical to rebuild confidence.

         "We need to act decisively to break negative feedback loops and resore the global economy to a path of strong, sustainable and balanced growth," the communique said.