WASHINGTON, April 22 Member countries of the
International Monetary Fund on Saturday pledged to work to
reduce global imbalances but failed to repeat their past pledge
to resist all forms of protectionism.
The International Monetary and Financial Committee, the
IMF's steering body, also repeated its past commitments on
currency exchange rates.
"We will refrain from competitive devaluations, and will not
target our exchange rates for competitive purposes," the IMFC
said in a statement.
"We will also work together to reduce excessive global
imbalances by pursuing appropriate policies. We are working to
strengthen the contribution of trade to our economies," it said.
(Reporting by David Lawder and Leika Kihara; Editing by Paul