(Xinhua)
Updated: 2008-03-22 14:59

WASHINGTON - The International Monetary Fund announced Friday that it will adopt measures to boost the transparency of sovereign wealth funds (SWFs) in view of their increasing financial influence.

"Official and private commentators have expressed concern about the transparency of SWFs, including their size and their investment strategies, " said an IMF staff paper released to the media.

This has also sparked fears on the part of the funds themselves about potential protectionist barriers that might be erected by some governments, which could hamper their investments, the paper said.

Therefore, IMF officials are planning to develop a blueprint of best practices for government-run investment funds.

The staff paper suggested that a set of principles and practices could be presented to the IMF's board of directors for review ahead of its annual meetings in October.

Currently, 36 countries or regions have SWFs, with assets worth some 2.5 trillion US dollars under their management, according to a report by Standard Chartered.

A number of funds holding big stakes in major corporations across the world have come to assume a great influence on the financial market.