IMF Nations Tackle Trade Tensions and Global Uncertainties

IMF member countries expressed concerns over rising trade tensions impacting global growth. They emphasized commitment to the IMF for economic stability and backed adjusting quota systems to better reflect nations' economic standings. The IMF sees the current global economic situation as fraught with uncertainty and market volatility.

IMF member countries have raised alarms about escalating trade tensions, warning these issues are undermining growth and amplifying uncertainty, according to statements released Friday. The organization remains pivotal for member nations, assisting them in steering through economic turbulence.

Amidst these challenges, the IMF's steering committee confirmed its ongoing foreign exchange commitments and endorsed a revision of the quota system, aiming for a representation that mirrors current economic standings more accurately.

The International Monetary and Financial Committee highlighted that the global economy stands at a critical crossroads. The rapid increase in trade tensions has brought about heightened instability, risking economic growth and financial steadiness.

(With inputs from agencies.)