##th anniversary this year, its role and work remain absolutely critical in the current complex global environment. the fund's multilateral and bilateral surveillance function remains as important as ever in protecting member countries from crises, and the upcoming comprehensive surveillance review will help establish the most relevant priorities for years to come. we welcome the recent decisions to strengthen the imf's lending toolkit as part of the review of charges and the surcharges policy and the review of the poverty reduction and growth trust facilities and financing. we support the imf's position at the centre of the global financial safety net, with a strong core mandate, and we highly value its unique role in bridge - building and facilitating global cooperation to tackle common challenges. we welcome the fact that sub - saharan africa will shortly occupy the newly created seat on the imf's executive board, which will significantly contribute to improving the overall balance of regional representation. we continue to witness an increase in economic losses and financial risks stemming from extreme physical climate hazards, including record - breaking heatwaves in asia, devastating floods and wildfires in the americas and central and eastern europe, and more frequent tropical storms in the caribbean and south asia. adaptation measures to shield our lives and economies from the impact of climate change, alongside ambitious policies to put the climate transition on track, are more relevant than ever. we support international progress on transition planning, enabling corporations, financial institutions and governments to set up credible net - zero roadmaps in a systematic way. furthermore, it is essential to further develop more systematic and comprehensive approaches to assess the impact of escalating nature - related economic and financial risks on price and financial stability, including integrated climate and nature risk analyses. 4 / 4 bis - central bankers'speeches

somewhat in the fourth quarter of 2010, the improved outlook for economic growth in 2011 could boost the confidence level of consumers in south africa. in the corporate sector, the increase in profitability, as reflected by the gross operating surplus, and the increase in the annual growth rate of credit extended to the sector, are possible indications of a recovery in business confidence. in the property market, property price indicators have been declining over the past year, despite lower interest rates and rising real income. job losses, which negatively affect consumers ’ ability to take up new credit, might have had an impact on prospective homeowners ’ ability to purchase a residence. recent developments enhancing the robustness of the financial regulatory environment in south africa include reviewing the prudential framework for foreign investment by private and public pension funds, reviewing the framework for cross - border direct investment in south africa, the release of the final draft of amendments to regulation 28 of the pension funds act, and reviewing the securities services act as part of a process to consolidate several financial services acts. i have briefly highlighted the key issues raised in the financial stability review. more detailed analyses are available in the publication itself, and will be highlighted by the authors ’ presentations. i trust that you will find these interesting, stimulating and relevant to the current environment and invite you to provide comment as part of the important process of ongoing debate on financial stability. thank you bis central bankers ’ speeches