IMF, World Bank 2014 spring meetings in Washington

The following are highlights of the International Monetary Fund and World Bank meetings in Washington, where finance ministers, central bankers and other top officials are gathering this week.

IMF managing director Christine Lagarde:

On low inflation

"We are concerned about this potential risk of advanced economies in general, in the euro area in particular, that prolonged low inflation will hurt both growth and jobs. In this context, it is encouraging that the ECB reiterated its commitment to use unconventional measures as needed."

China FX

"I took the recent increase of the band of the renminbi as the move in the direction of internationalisation. I won't characterize it as an intended depreciation of the currency. Certainly we welcome the internationalization of the renminbi."

"In terms of China's contribution to international growth, clearly China is playing a clear role with 7.5 per cent growth. It is clearly contributing significantly."

Russia/Ukraine

"The Ukrainian program ... has been negotiated on the ground, it has been discussed formally with the board and there has been encouraging, very broad-based support from all corners of the board of the IMF."

Japan/Abenomics

"It's fair to say the first arrow delivered has begun to work ... We were very pleased to see the (commitment to raise the) sales tax to 8 per cent was delivered upon.

"Medium-term fiscal plan needs to be articulated ... and we hope to see them. In the third arrow, there are many reforms, many changes of structural nature that has been touched on but not completely articulated.... I will certainly discuss what the time table is."

European Central Bank board member Peter Praet:

On Euro area growth

"The latest data confirm that the euro area on aggregate is proceeding slowly along the path of economic recovery."

"Yet ... some euro area countries are experiencing steady growth, while in others growth remains anemic."

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