In the past 10 years private investors and lenders had provided 1.7 trillion dollars to emerging market economies, compared with just 320 billion from official sources, according to Dallara. Nevertheless, without these private flows, emerging markets growth and global growth would have been lower. Lately, according to the letter, investor anxiety has risen in response to efforts by authorities in Pakistan, Romania, Ukraine and Ecuador to seek the forced re-scheduling from private creditors. The public and private sectors may share an interest in global growth, but they have different responsibilities. Private lenders and investors have a responsibility to maximize shareholder value.
Officials have broader responsibilities to foster global security and to advance social objectives.
His letter was addressed to Gordon Brown, British chancellor of the Exchequer and chairman of the IMF's interim committee and Thailand Finance Minister Tarrin Nimmanahaeminda, who is also chairman of the World Bank-IMF development committee.