The International Monetary Fund will push to overhaul global monetary and financial systems in the wake of the Asian financial crisis, managing director Michel Camdessus said yesterday. Mr Camdessus, speaking on the eve of the IMF's Interim Committee meeting, said the Asian crisis had highlighted the 'obvious weaknesses' in the present global structure. 'We are aiming to re-invent the architecture of the international monetary and financial system,' he said. 'We want to have a system established on a rock-solid basis. We are between ambition and the too-modest achievements of our work.' Earlier this week, the IMF said the Asian crisis had resulted in it having to downgrade for the second time in four months its forecast for this year's world growth to just over 3 per cent. 'The Asian crisis, coming in the footsteps of the Mexican one, has given full flow to what is the most obvious weakness of the present system,' Mr Camdessus said. 'It is [the system's] vulnerability to crisis, the speed to contagion, the centrality of each crisis, of the problems emerging in the banking and financial sector as well as instances of [weak] governance.' He said the poor in the countries hardest hit had shouldered a disproportionate share of the cost of the economic meltdown. Mr Camdessus said the problems should not allow governments to lose sight of the 'extraordinary' potential of a fully integrated global market. Ideas being considered to reshape the global financial system range from improving the quality of information that must be made available to the IMF and public, through to liberalising capital flows in a way that minimises risks to individual economies. 'If we are able to proceed in a properly sequenced liberalisation, then we will have a decisive factor for progress,' Mr Camdessus said. The fund's Interim Committee, whose members are governors of the IMF, will meet tomorrow to discuss a five-point programme intended to lay the foundations for the review. Top of the list will be the role of the IMF in strengthening its own surveillance role and giving more teeth to its recommendations. The committee is also expected to review the IMF's own role in managing the crisis and the quality of assistance and support offered. It is also expected to adopt a 'code of conduct of fiscal transparency' to improve domestic regulation and supervision and increase financial sector transparency. Mr Camdessus defended the IMF from recent criticism its own procedures were secretive. 'The IMF is never alone. We deal with information which is the property of a given country,' he said. 'When we deal with the secret information of a country we cannot publish it without getting the proper authorisation.' He also expressed confidence in the IMF's recently announced third reform package for Indonesia. '[The Indonesian authorities] know pretty well the cost of not accepting and adhering to it properly. This time we have an excellent programme,' Mr Camdessus said.