Finance minister, James Musoni is expected to discuss strategies that should help deal with the domestic impact of the global financial crisis.
This will be at seminar session under the topic “Fiscal Policies for the Crisis and Recovery” on Saturday in Turkey’s capital Istanbul in one of the pre-conference events of the Board of Governors of the World Bank Group and International Monetary Fund (IMF) due next week.
Key issues that will be addressed during this session include the effectiveness of the fiscal stimulus and the international coordination of policy responses.
The session will also discuss what should be the medium term fiscal strategy to protect and restore fiscal solvency in advanced, emerging and low income countries.
According to a press statement, many developed countries have taken extraordinary measures to address the financial crisis and global recession and as a result, the global economy is beginning to pull out of its deepest recessions since the “great depression”.
“However, the fiscal deteriorations associated with these policy responses are unprecedented in peacetime, and occur in a context of severe long run fiscal challenges faced by many countries.
The seminar is intended to provide a forum for exchange of views on fiscal policies for the crisis and recovery,” the statement said.
The panel will comprise senior policy makers from advanced, emerging and low income countries and a renowned fiscal expert, Robert Chote, the Director at the Institute of Fiscal Studies in United Kingdom who has served as a speech writer and adviser to International Monetary Fund.
The other three panellists are Stanley Fischer , the governor of Bank of Israel and James Flaherty , the Minister of Finance from Canada and Alexandro Werner , the vice Minister of Finance and Public Credit ,Mexico.
The main theme of the meetings is the current financial crisis and linkages with the real economy and its recovery.