WASHINGTON, April 20: IMF chief Rodrigo Rato warned on Thursday that record oil prices are here to stay and appealed for collective action to rectify widening imbalances in the world economy.

The International Monetary Fund managing director said weekend meetings of global financial leaders must also address reform of the IMF to make the Western-dominated organisation more representative of emerging economies, especially in Asia.

“The impact of higher oil (prices) on the global economy has so far been moderate, but it remains a serious risk,” Rato told a news conference.—AFP