1. Ministers of the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development held their eightieth meeting in Washington D.C. on October 10, 2008. Mr. Jean-Claude Masangu Mulongo, Governor of the Central Bank of the Democratic Republic of Congo was in the Chair, Mr. Adib Mayaleh, Governor of the Central Bank of Syria, as First Vice-Chair, and Ambassador Marcos Galvão, Secretary in International Affairs, Ministry of Finance of Brazil, as Second Vice-Chair. I. Global Financial and Economic Situation 2. Ministers noted that the world economy is facing its most difficult situation in years, against the backdrop of a deepening financial crisis that originated in mature markets. They observed that advanced economies are slowing markedly and some are already in recession. Ministers noted that continued...
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