Ref. :  000029401
Date :  2008-05-01
Language :  English
Home Page / The whole website
fr / es / de / po / en

International Working Group of Sovereign Wealth Funds is established to facilitate work on voluntary principles

Author :  FMI / IMF

The International Working Group of Sovereign Wealth Funds issued the following statement today in Washington D.C.:

From April 30-May 1, 2008, representatives of Sovereign Wealth Funds (SWFs) met at IMF Headquarters in Washington, D.C. The meeting facilitated a useful exchange of views among the SWFs, recipient countries, and representatives from the Organization for Economic Cooperation and Development (OECD) and the European Commission. Participants agreed that SWFs invest on the basis of economic and financial risk and return related considerations. An International Working Group of Sovereign Wealth Funds (IWG) was formally established by the meeting to present by October 2008 a set of SWF principles that properly reflects their investment practices and objectives.

The IWG is comprised of representatives from 25 IMF member countries,1 and is co-chaired by a senior representative of the Abu Dhabi Investment Authority (ADIA), Mr. Hamad al Suwaidi, and the Director of the IMF's Monetary and Capital Markets Department, Mr. Jaime Caruana, who were selected by the participating SWFs.

The IWG aims to agree on a common set of voluntary principles for SWFs, drawing on the existing body of principles and practices, to help maintain the free flow of cross-border investment and open and stable financial systems. The creation of the IWG also responds to calls by the International Monetary and Financial Committee (IMFC) in October 2007 and in April 2008.

The IWG will conduct working level meetings over the coming months. The IWG will provide SWFs with opportunities to give and receive feedback and will strive to enhance good mutual understanding among its members and other parties.

Throughout this effort, the IMF will provide the secretariat to facilitate the group's discussions and meetings.

(1) IWG member countries are: Australia, Azerbaijan, Bahrain, Botswana, Canada, Chile, China, Equatorial Guinea, Iran, Ireland, South Korea, Kuwait, Libya, Mexico, New Zealand, Norway, Qatar, Russia, Singapore, Timor-Leste, Trinidad & Tobago, the United Arab Emirates, the United States, and Vietnam. Saudi Arabia, the OECD, and the World Bank will participate as permanent observers.

Rate this content
Average of 10 ratings 
Rating 2.30 / 4 MoyenMoyenMoyenMoyen
Same author:
 flecheIMF Sees Subdued Global Growth, Warns Economic Stagnation Could Fuel Protectionist Calls
 flecheWorld Economic Outlook October 2016
 flecheGlobal Financial Stability: Vulnerabilities, Legacies, and Policy Challenges
 flecheMiddle East Outlook Sees Modest Improvement, But Risks Remain
 flecheLower Potential Growth: A New Reality
 flecheFinancial Services Access Vital to Central Africa Growth
 flecheIMF Agenda Focuses on Achieving More Dynamic, Job-Rich Global Economy
 flecheJobs, Growth, Fairness Top List of Priorities for Arab Countries
 flecheWorld Economic Outlook Reports
 flecheGlobal Economy Turning Corner of Great Recession, But Obstacles Ahead
 flecheThe Trillion Dollar Question: Who Owns Emerging Market Government Debt
 flecheDespite new risks, global recovery seen gaining strength
 flecheG-20 ministers agree ‘historic’ reforms in IMF governance
 flecheIMF enhances crisis prevention toolkit
 flecheAfrica’s economic transformation—the road ahead
 flecheLe secteur privé gagne du terrain en Afrique
 flecheThe IMF response to the global crisis: meeting the needs of low-income countries
 flecheWorld Economic Outlook (April 2009) - press point for chapter 3 "From recession to recovery: how soon and how strong?"
 flecheIMF calls for urgent action as third wave of global crisis hits poorest countries
 flecheGlobal Financial Stability - Report Market Update
 flecheWorld Economic Outlook - October 2008 (Full report)
 flecheThe Rise of Africa's "Frontier" Markets
 flecheLe FMI précise comment il surveillera les politiques économiques
 flecheGlobal financial stability report
 flecheIMF Shifts Focus to Key Global Economic and Financial Concerns
 flecheIMF Board of Governors adopts Quota and Voice reforms by large margin
 flecheGlobal Financial Stability Report (Executive summary)
 flecheGlobal governance: new players, new rules
 flecheIMF Managing Director highlights progress on IMF reform agenda and warns IMF Board of Governors of slower global growth
 flecheStrauss-Kahn to press ahead on IMF reform
 flecheThe rise of sovereign wealth funds
 flecheUrban poverty
 flecheThe urban revolution
 flecheGlobal Growth Seen at 5.2 pct in 2007
 flecheWorld Economic Outlook - 2007
 flecheRenewing the IMF's Commitment to Low-Income Countries
 flecheGlobalization and Inflation - World Economic Outlook
 flecheIMF to Extend 100 Percent Debt Relief for 19 Countries Under the Multilateral Debt Relief Initiative
 flecheNew Report Calls For Urgent Action To Cut Global Poverty and Win Better Development Results For Poor Countries
 flecheRato y Figaredo, Rodrigo de
 flecheExpanding trade and unleashing growth: The prospects for lasting poverty reduction
 flecheCan the East Asian Miracle Persist?
 flecheEmerging Asia: Outlook, Challenges, and India's Growing Role
 flecheWorld Economic Outlook
 flecheCommuniqué of the Ministers and Governors of the Group of Ten
 fleche"Why Globalization Works" Economic forums and international seminars
 flecheWorking paper : External Debt Sustainability in HIPC Completion Point Countries
 flecheChina's rapid economic growth and integration into the global economy
 flecheInternational Monetary Fund
 flecheIMF Members' Quotas and Voting Power, and IMF Board of Governors
 flecheIMF Executive Board Discusses Euro Area Policies
 flecheToward a Stronger Europe in the Global Economy
 flecheThe IMF Stands Ready to Help Iraq
Keywords   go
Translate this page Traduire par Google Translate

Share on Facebook
Partager sur Twitter
Share on Google+Google + Share on LinkedInLinkedIn
Partager sur MessengerMessenger Partager sur BloggerBlogger
Other items
where is published this article: