https://en.sputniknews.africa/20240415/spring-meetings-of-imf-world-bank-to-kick-off-in-us-amid-global-economy-challenges-1066070005.html
Spring Meetings of IMF, World Bank to Kick Off in US Amid Global Economy Challenges
Spring Meetings of IMF, World Bank to Kick Off in US Amid Global Economy Challenges
Sputnik Africa
WASHINGTON (Sputnik) - The 2024 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group, an annual conference to discuss global... 15.04.2024, Sputnik Africa
2024-04-15T09:26+0200
2024-04-15T09:26+0200
2024-04-15T09:26+0200
ukraine
united states (us)
kiev
international monetary fund (imf)
world bank
russia
debt
military aid
trade
economy
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Heads of central banks and finance ministers from IMF and World Bank member countries, legislators, company executives, and representatives from academia and civil society are expected to attend. The focus of the Spring Meetings, which will take place from April 15-20, is to discuss issues of global concern, including the outlook for global economic growth, poverty reduction, international cooperation and financial system stability. UkraineAs part of the six-day conference program, key ministerial meetings are planned for April 17-19, which are expected to be attended by the heads of finance departments of IMF and World Bank members. One of the topics at these meetings will be continued support for Ukraine. IMF spokesperson Julie Kozack said earlier in April that the IMF would hold a ministerial-level discussion on budget support for Ukraine during the Spring Meetings in Washington. The IMF has repeatedly emphasized Kiev’s dependence on external funding, given that the US Congress has not yet brought up the next aid package for discussion. At the same time, reports circulated in the Western media ahead of the conference that Ukraine may not be able to repay its debts, while the IMF stressed it had no plans to consider the possibility of restructuring Ukraine's debt to the organization. Trade FragmentationThe upcoming Spring Meetings will also focus on the impact of global trade fragmentation on the world's economic outlook. In particular, as part of the program, a separate session is planned for April 17 to assess the implications of geo-economic fragmentation for global financial stability. In March, IMF Managing Director Kristalina Georgieva said that trade fragmentation could lead to losses of up to $7.4 trillion for the global economy. In particular, Georgieva pointed out that the IMF was seeing trust diminishing among nations, with geopolitical tensions on the rise. She stressed that if this trend were to continue, the world economy could "fragment" into rival blocs. Such a development is taking place at a time when the world needs cooperation more than ever, Georgieva also said. Establishing and deepening partnerships is gaining in importance when tackling issues that transcend borders and cannot be resolved by any country alone, she added. Debt CrisisA separate topic on the conference agenda will be the debt crisis, primarily in low-income countries. Separately, the Spring Meetings program includes a discussion of the debt problems of the African continent. The IMF estimates that debt levels in many countries around the world are already at 50-year highs, leaving poverty-prone populations facing additional challenges, including demographic, technological, climate and fiscal constraints. Russian Finance Minister Anton Siluanov, speaking at a plenary meeting of the International Monetary and Financial Committee as part of the annual meeting of the IMF and the World Bank last October, warned that the debt crisis was a key risk for the global economy. The minister called on the IMF not to remain silent about this, as the situation was "only getting worse."
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ukraine, united states (us), kiev, international monetary fund (imf), world bank, russia, debt, military aid, trade, economy, international
ukraine, united states (us), kiev, international monetary fund (imf), world bank, russia, debt, military aid, trade, economy, international
Spring Meetings of IMF, World Bank to Kick Off in US Amid Global Economy Challenges
WASHINGTON (Sputnik) - The 2024 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group, an annual conference to discuss global challenges facing the global economy, will kick off in the US capital of Washington, D.C. on Monday.
Heads of central banks and finance ministers from IMF and
World Bank member countries, legislators, company executives, and representatives from academia and civil society are expected to attend.
The focus of the Spring Meetings, which will take place from April 15-20, is to discuss issues of global concern, including the outlook for global
economic growth, poverty reduction, international cooperation and financial system stability.
As part of the six-day conference program, key ministerial meetings are planned for April 17-19, which are expected to be attended by the heads of finance departments of IMF and World Bank members. One of the topics at these meetings will be continued
support for Ukraine.
IMF spokesperson Julie Kozack said earlier in April that the IMF would hold a ministerial-level discussion on budget support for Ukraine during the Spring Meetings in Washington.
The IMF has repeatedly emphasized Kiev’s dependence on external funding, given that the US Congress has not yet brought up the next
aid package for discussion.
At the same time, reports circulated in the Western media ahead of the conference that Ukraine may not be able to repay its debts, while the IMF stressed it had no plans to consider the possibility of restructuring Ukraine's debt to the organization.
The upcoming Spring Meetings will also focus on the impact of global trade
fragmentation on the world's economic outlook. In particular, as part of the program, a separate session is planned for April 17 to assess the implications of geo-economic fragmentation for global financial stability.
In March, IMF Managing Director Kristalina Georgieva said that trade fragmentation could lead to losses of up to $7.4 trillion for the
global economy.
In particular, Georgieva pointed out that the IMF was seeing trust diminishing among nations, with
geopolitical tensions on the rise. She stressed that if this trend were to continue, the world economy could "fragment" into rival blocs.
Such a development is taking place at a time when the world needs cooperation more than ever, Georgieva also said.
Establishing and deepening partnerships is gaining in importance when tackling issues that transcend borders and cannot be resolved by any country alone, she added.
A separate topic on the conference agenda will be the
debt crisis, primarily in low-income countries. Separately, the Spring Meetings program includes a discussion of the debt problems of the African continent.
The IMF estimates that debt levels in many countries around the world are already at 50-year highs, leaving
poverty-prone populations facing additional challenges, including demographic, technological, climate and fiscal constraints.
Russian Finance Minister
Anton Siluanov, speaking at a plenary meeting of the International Monetary and Financial Committee as part of the annual meeting of the IMF and the World Bank last October, warned that the debt crisis was a key risk for the global economy. The minister called on the IMF not to remain silent about this, as the situation was "only getting worse."
