World Bank, IMF annual meeting begins in Washington

BrandPower Magazine 21/10/2024Last Updated: 21/10/2024

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World Bank, IMF annual meeting begins in Washington Overshadowed by international crises, the International Monetary Fund (IMF) and the World Bank annual meeting is due to start on Monday in the U.S. capital, Washington.

The meeting is to bring together finance ministers, representatives from the financial sector and development cooperation, as well as central bankers.

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The discussions, set to run until Sunday, are expected to address, among other issues, a looming debt crisis in lower-income countries, climate change and poverty alleviation.

As part of the meeting, the IMF also plans on Tuesday to present a new forecast for future growth in the global economy.

IMF head, Kristalina Georgieva, said last week that the outlook for the world economy in the medium term was lackluster, not sharply lower than pre-pandemic, but far from good enough.

Participants from Germany included Finance Minister Christian Lindner and Bundesbank President Joachim Nagel.

About the Meetings

The World Bank Group (WBG) plays a key role in the global effort to end extreme poverty and boost shared prosperity. One of the ways the organization works towards achieving these goals is by calling on citizens from around the globe to collaborate on a range of issues related to poverty reduction, international economic development and finance, building human capital, and strengthening resilience. The primary opportunity to bolster awareness and participation on these topics and advance the agenda on key issues is through the Spring and Annual Meetings. The meetings also aim to open up the meetings to the public through live-streamed events and online conversations on World Bank Live, Twitter and other platforms.

The Annual Meetings traditionally are held in Washington, D.C. two years out of three and, in order to reflect the international character of the two institutions, every third year in a different member country. In addition to the meetings of the Boards of Governors, the Development Committee and the International Monetary and Financial Committee (IMFC) are officially convened. The Development Committee and the IMFC advise the Boards of Governors on issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.