steps to achieve these objectives, as well as to address longerterm challenges, we will : continue our vigorous efforts and take whatever further actions are necessary to stabilise the financial system. recognise the importance of monetary policy support, as deemed appropriate to domestic conditions. use fiscal measures to stimulate domestic demand to rapid effect as appropriate while maintaining a policy framework conducive to fiscal sustainability. help emerging and developing economies gain access to finance in current difficult financial conditions, including through liquidity facilities and programme support. we stress the international monetary fund ’ s ( imf ) important role in crisis response, welcome its new short - term liquidity facility and urge the ongoing review of its instruments and facilities to ensure flexibility. encourage the world bank and other multilateral development banks ( mdbs ) to use their full capacity in support of their development agenda and we welcome the recent introduction of new facilities by the world bank in the areas of infrastructure and trade finance ( and ) ensure that the imf, world bank and other mdbs have sufficient resources to continue playing their role in overcoming the crisis. ” the next g20 head of state summit to review progress will be held by 30 april 2009. hopefully by the time we meet next year, we will be able to report on more promising global and domestic developments. please enjoy the rest of the evening, and may you have, in the period ahead, a wonderful festive season and a prosperous new year. ‘ till we meet again! adios amigos! thank you very much.

better use is made of the potential for capture of resource rents in the current commodity cycle. third, whilst south africa has been spared, along with many other emerging markets, the worst of the financial market turmoil, the authorities have not become complacent. adherence to a clearly articulated macro - economic framework, which includes an explicit inflation - target, provides the first line of defence – in particular, against capital flight. a second line is drawn by ensuring adherence to international best standards on laws, regulations, practices and policies in the financial sector ; monitoring proven financial soundness indicators for early warning of potential problems. and a third line is drawn by the financial sector contingency forum – which i currently chair. this is a forum which facilitates inter - agency coordination and preparedness for addressing crises. finally, i think that south africa should continue to participate fully in international fora in order to make the case for multi - lateral adjustments in the interests of systemic stability in our closed system. continued myopia by national governments will, likely, prolong the see schumpeter, j. a. ( 1949 ) “ english economists and the state - managed economy ”, journal of political economy, 57, no. 5. and also klitgaard, r. ( 1991 ) adjusting to reality : beyond “ state versus market in economic development, san francisco, i ce g. “ recession ” here means a classical recession : i. e., a period of economic contraction or negative growth sustained for 2 quarters or more. adjustment process which needs to be completed if the current turbulence in financial markets is to be resolved. and on that note, i end : thank you for your attention. references : 1. bernanke, b. s. ( 2007 ) “ housing finance and monetary policy ”, speech at the federal reserve bank of kansas economic symposium, jackson hole, wyoming : 31 august. 2. bis ( 2008 ) quarterly review, basel. 3. imf ( 2008 ) global financial stability report, washington d. c. 4. klitgaard, r. ( 1991 ) adjusting to reality : beyond “ state versus market in economic development, san francisco, i ce g. 5. mminele, a. d. ( 2008 ) “ benefits and risks of new instruments : derivatives and securitisation ; the case of south africa ”, berlin, 4 july 2008. conference on financial innovation and emerging markets. 6. mnyande, m. ( 2008 )