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IMF head upbeat on recovery


IMF head upbeat on recovery


The head of the International Monetary Fund believes the global economic could start to make a recovery by October or November this year.

But at a news conference in Vienna Dominique Strauss-Khan said it depends on many factors: “The worst is probably behind us. Because we now have a clear view of the risk. Which doesn’t mean that some problem may not occur in the future, we don’t know. A lot relies apparently in the Eastern Europe economies, upon the rollover of the funding by the different private banks”. Strauss-Khan also took the opportunity to apologise for mistakes in International Monetary Fund calculations on the financing needs of some eastern European countries. He said: “We made an error. Which is a human error, which shouldn’t happen but may happen. This a mistake which is as big as 1 percent of GDP at average, which is not negligible. So, it has been fixed now. We now how this mistake has been done, it’s a misunderstanding of a concept in some parts of the institutions.” He said there could be new IMF aid deals for Eastern Europe soon.

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