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IMF calls for greater efforts to fight deficits
Apr 12, 2011, 14:35 GMT
Washington - The International Monetary Fund (IMF) called Tuesday on developed countries to take more definitive steps to rein in their budget deficits.
Most industrial nations have decreased their deficits this year, but the United States will have to make significant cuts in 2012 and 2013 in order to meets its commitments in the coming years, the IMF said in its twice yearly Fiscal Monitor report.
The IMF also criticized other rich nations, but noted that while most planned budget cuts this year, debt levels were still set to rise.
'While nearly all advanced economies will reduce their deficits in 2011, two-thirds will see their debt levels increase, with the average topping 100 per cent of gross domestic product for the first time since World War II,' the IMF said.
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