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IMF, World Bank Meet In Washington

2 October 2004 -- Officials from the International Monetary Fund and the World Bank hold their annual meetings today to discuss monetary policies, debt relief to poor countries, and oil prices.

The meetings in Washington come a day after finance officials from the G-8 industrial powers met in the U.S. capital and agreed to cooperate in reducing Iraq's debt burden while also working on a deal to increase debt relief for the world's poorest countries.

The finance officials from the United States, Britain, Canada, France, Germany, Italy, and Japan also called for oil producers to increase production.

World oil prices have recently hit record highs of over $50 per barrel due to several factors -- including violence in Iraq, hurricanes in the United States, and the financial troubles of the Russian oil firm Yukos.