Lagarde seeks key reforms for Asia to lead world economy in 21st century

Asia is at a historic moment to lead the world economy in the 21st century, but it first must undertake key reforms to reduce poverty, said the International Monetary Fund Managing Director, Christine Lagarde, on Saturday.

The IMF chief, accompanied by Indian Prime Minister Narendra Modi, inaugurated the conference ‘Advancing Asia: Investing for the future’ in New Delhi, then gave a speech in which she spoke of Asia’s potential for the world economy.

“Asia has a lot to be proud of,” she said, stressing achievements including reduction in poverty in the last 25 years, but said the continent has also been “deeply affected by global economic challenges”.

Addressing representatives of countries from the entire region, Lagarde said Asia has to initiate key reforms, such as implementing programs to reduce social inequality, especially for women, providing the disadvantaged sections access to basic necessities like water, electricity, health and education, and moving towards a greater integration in the global market.

“Asia has a positive attitude but there is still a lot to be done,” she said, pointing to the challenges faced by the 4.4 billion strong eastern continent.

Within the conference, the Indian government and the IMF agreed to set up the first South Asia Regional Training and Technical Assistance Center in New Delhi.

The center, with financial support from countries such as Australia and South Korea, will provide training and technical assistance to India, Nepal, Bangladesh, Bhutan, Maldives and Sri Lanka.

The forum, which concludes on Sunday, is attended by representatives from governments, financial institutions, private sector multinationals and development experts from around the world.