(by Dr. Goldfinger)

On Sunday, world finance officials met within the semi-annual IMF and World Bank meeting to discuss the world’s top issues and find the ways to resolve.

Finance ministers and central bankers from 180 countries paid attention to the recent threats global economy may face as the possibility of higher oil prices and terrorism attacks.

World economy potential is now considered to be highly dependent on oil prices, leading economists say. With oil prices being at the record highs in several years global economy may suffer from the recent figures of $50 per barrel as oil supply concern and disruptions connected with hurricanes hit U.S. in the recent months oil can be the very determining factor to rule economy tune. Oil supply cuts all over the world may lead to oil prices remain stable at $50 per barrel till 2010.

During the meeting, economists pointed the need for the International Energy Agency to keep eye for oil market with the control of OPEC.

In terms of the possibility of being hit by terrorists, finance leaders said it is important to promote world peace and security. "Defending the integrity of the world’s financial system and avoiding its mismanagement for irregular purposes are crucial features to peace," said Luis Morais Leitao, Portugal’s secretary of state for treasury and finance.

Rodrigo Rato, the IMF new managing director said the global recovery still can be in danger as oil prices go higher. He tried to encouraged top bankers to communicate their rate plans to markets to let them adjust.
On the parallel meeting of G7 on Friday, the U.S. also promoted the forgiveness of Iraqi debt as it accounts for $120 billion to individual countries and $40 billion to G7.

China was the member of the meeting for the first time and faced slight criticism of yuan being unconverted.