The IMF called on Thursday for a rapid assessment of the amount of bank losses related to the US housing crisis to help end the global credit squeeze.
"I want to stress in particular that early and focused action to solving valuation problems is critical in moving forward to solve this crisis," IMF spokesman Masood Ahmed said.
The IMF welcomed Wed-nesday's massive coordinated action by five central banks to pump liquidity into the global banking system because it gave "an important signal to markets that these banks are working together to address the international nature of the problem," he told reporters.
Ahmed recalled that the IMF had been saying for some time that the provision of liquidity to ensure the smooth functioning of financial markets is a "high priority."
"With continuing concerns about the extent of credit deterioration, central bank liquidity operations are only one part of addressing the ongoing problems in financial markets," he said.
"Market participants and financial regulators need to keep the focus on solving issues of valuation. This requires active collaboration and coordination by auditors and supervisors and we believe that early recognition of losses is necessary and helpful," the IMF spokesman said.
Financial institutions should raise capital and avoid reducing balance sheets sharply in the current circumstances, he warned.
"Supervisors need to exercise judgment and not mechanically argue for stronger capital cushions," he said.
Taiwan has arranged for about 8 million barrels of crude oil, or about one-third of its monthly needs, to be shipped from the Red Sea this month to bypass the Strait of Hormuz and ease domestic supply pressures, CPC Corp, Taiwan (CPC, 台灣中油) said yesterday. The state-run oil company has worked with Middle Eastern suppliers to secure routes other than the Strait of Hormuz, through which about 20 percent of the world’s oil and liquefied natural gas typically passes, CPC chairman Fang Jeng-zen (方振仁) said at a meeting of the legislature’s Economics Committee in Taipei. Suppliers in Saudi Arabia have indicated they
A global survey showed that 60 percent of Taiwanese had attained higher education, second only to Canada, the Ministry of the Interior said. Taiwan easily surpassed the global average of 43 percent and ranked ahead of major economies, including Japan, South Korea and the US, data from the Organisation for Economic Co-operation and Development (OECD) for 2024 showed. Taiwan has a high literacy rate, data released by the ministry showed. As of the end of last year, Taiwan had 20.617 million people aged 15 or older, accounting for 88.5 percent of the total population, with a literacy rate of 99.4 percent, the data
CCP ‘PAWN’? Beijing could use the KMT chairwoman’s visit to signal to the world that many people in Taiwan support the ‘one China’ principle, an academic said Chinese Nationalist Party (KMT) Chairwoman Cheng Li-wun (鄭麗文) yesterday arrived in China for a “peace” mission and potential meeting with Chinese President Xi Jinping (習近平), while a Taiwanese minister detailed the number of Chinese warships currently deployed around the nation. Cheng is visiting at a time of increased Chinese military pressure on Taiwan, as the opposition-dominated Legislative Yuan stalls a government plan for US$40 billion in extra defense spending. Speaking to reporters before going to the airport, Cheng said she was going on a “historic journey for peace,” but added that some people felt uneasy about her trip. “If you truly love Taiwan,
NEW LOW: The council in 2024 based predictions on a pessimistic estimate for the nation’s total fertility rate of 0.84, but last year that rate was 0.69, 17 percent lower An expected National Development Council (NDC) report expects the nation’s population to drop below 12 million by 2065, with the old-age dependency ratio to top 100 percent sooner than 2070, sources said yesterday. The council is slated to release its latest population projections in August, using an ultra-low fertility model, the sources said. The previous report projected that Taiwan’s population would fall to 14.37 million by 2070, but based on a new estimate of the total fertility rate (TFR) — the average number of children born to a woman over her lifetime — the population is expected to reach 12 million by
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