The annual spring meetings organised by the World Bank Group and International Monetary Fund in Washington DC take place this week. The meetings come in a world still riven by war and recovering from the Covid-19 pandemic, amid rising economic and financial stability concerns. Uncertainties and risks weigh heavy on the global economy. While stubborn inflation and slower growth effects all, it is hurting the poor the most.
Record-high debt is holding back developing countries, and the effects of climate change are threatening lives and livelihoods around the world.
India is poised for more important role in global value chains, finance minister says On top of it all, Russia’s war in Ukraine and geopolitical fragmentation are making international coordination more challenging. The meetings will see a gathering of central bankers, ministers, senior business executives, civil society representatives, youth leaders and academics who will discuss the most pressing challenges facing the world.
They and others will also ponder over the best response to the challenges while promoting growth, equity and prosperity for all. Expect at least discussion on crypto, if not agreement, at G20 meetings: FM Sitharaman Some of the key issues that the forum will discuss include:
How can the World Bank Group, in coordination with the global community, support countries in their efforts to address the crises facing development? How can the institution create new models for solving debt and financing global public goods in developing countries and middle-income countries alike? How can it make development work for people when governments are weak? And how can the private sector be more engaged in financing the necessary development to help address these challenges?
Some of the key sessions at the meetings include: Overcoming Debt, Generating Growth: Former Reserve Bank of India governor Raghuram Rajan will join others to discuss how rising interest rates and slowing global growth are tipping a growing number of countries into a debt crisis.
Third Ministerial Roundtable Discussion for Support to Ukraine: Ukraine’s President Volodymyr Zelensky and US Treasury Secretary Janet Yellen will join a discussion on Ukraine’s medium-term needs, essential recovery and reconstruction projects, and areas of international collaboration.
Empowering Women as Entrepreneurs and Leaders: Finance Minister Nirmala Sitharaman will join Goldman Sachs Chairman and Chief Executive Officer David Solomon and others for a discussion on how the business case for gender inclusion and equality can be advanced.