Annual Meetings of the International Monetary Fund and the World Bank Group

Last updated

The IMF and World Bank meet each autumn in what is officially known as the Annual Meetings of the International Monetary Fund and the World Bank Group and each spring in the Spring Meetings of the International Monetary Fund and the World Bank Group. Names of the two groups are alternated each year so a different one has top billing.

Contents

The autumn meetings are customarily held in Washington, D.C., United States for two consecutive years, and in another member country in the third year. At the spring and annual meetings there are meetings of the World Bank-IMF Development Committee and the International Monetary and Financial Committee (IMFC). Each committee is made of up ministers or central bank governors. There are equivalent numbers and the same constituency systems as is used at the Executive boards of the institutions. At the annual meetings, the governors of the World Bank and IMF also meet in plenary sessions.

Until the 2008 financial crisis, both the spring and annual meetings were preceded by meetings of the G7 finance ministers. Amid an unfolding global financial crisis, for the first time the 2008 annual meetings included a meeting of G20 finance ministers. The 2009 annual meetings witnessed the last meetings of the G7 finance ministers, with all future spring and annual meetings accompanied by G20 finance minister meetings. The spring and annual meetings also include meetings of the finance ministers of the G-24 group of developing countries.

Since the mid-1990s, these meetings have centerpoints for anti-globalization movement protests. There have been complete bans on outdoor protests in the 2003 meetings in Dubai, United Arab Emirates as well as the 2006 meeting in Singapore, where only indoor demonstrations within a designated area is permitted. Some argue that such bans are out of safety concerns, while others consider them an effort to curb dissent. These measures have led to retaliatory actions by NGOs who targeted the organisers, as well as the IMF and World Bank for allegedly picking venues which are known to impose such restrictions. [1]

List of Annual Meetings

YearDateVenue
1947 London, United Kingdom
1950 Paris, France
1952 Mexico City, Mexico
1955 Istanbul, Turkey
1958 New Delhi, India
1961 Vienna, Austria
1964 Tokyo, Japan
1967 Rio de Janeiro, Brazil
1970 Copenhagen, Denmark
1973 Nairobi, Kenya
1976 Manila, Philippines
1979 Belgrade, Socialist Federal Republic of Yugoslavia
1982 Toronto, Ontario, Canada
1985 Seoul, South Korea
1988 Berlin, Federal Republic of Germany
1991 Bangkok, Thailand
1994 Madrid, Spain
1996September 26 to October 3 Sheraton Washington Hotel, Washington, D.C., United States
1997September 17 to 25 Hong Kong Convention and Exhibition Centre, Hong Kong, People's Republic of China
1998September 29 to October 8 Marriott Wardman Park Hotel, Washington, D.C., United States
1999September 25 to 30Headquarters of the International Monetary Fund, Washington, D.C., United States
2000September 19 to 28 Prague, Czech Republic
2001November 17 to 18World Bank Group/International Monetary Fund Headquarters, Washington, D.C., United States
Ottawa, Ontario, Canada (meetings of the International Monetary and Financial Committee and the Development Committee)
2002September 29World Bank Group/International Monetary Fund Headquarters, Washington, D.C., United States [2]
2003September 23 to 24 Dubai, United Arab Emirates [3]
2004October 3 Washington, D.C., United States [4]
2005September 24 to 25 Washington, D.C., United States [5]
2006 September 19 to 20 Suntec Singapore International Convention and Exhibition Centre, Singapore [6]
2007October 20 to 22 Washington, D.C., United States [7]
2008October 13 Washington, D.C., United States [8]
2009October 6 to 7 Istanbul, Turkey [9]
2010October 8 to 10 Washington, D.C., United States [10]
2011September 23 to 25 Washington, D.C., United States [11]
2012October 9 to 14 Tokyo, Japan [12]
2013October 11 to 13 George Washington University, Washington, D.C., United States [13] [14]
2014October 10 to 12 George Washington University, Washington, D.C., United States [15]
2015October 9 to 11 Lima, Peru [16]
2016October 7 to 9 George Washington University, Washington, D.C., United States [17]
2017October 13 to 15 George Washington University, Washington, D.C., United States [18]
2018October 8 to 14 Nusa Dua, Bali, Indonesia [19]
2019October 14 to 20 Washington, D.C., United States [20]
2019October 12 to 18 Washington, D.C., United States
2021October 11 to 17virtual
2022October 10 to 16 Washington, D.C., United States

See also

Related Research Articles

<span class="mw-page-title-main">International Monetary Fund</span> International financial institution

The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." Formed in 1944, started on 27 December 1945, at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system. It now plays a central role in the management of balance of payments difficulties and international financial crises. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had XDR 477 billion. The IMF is regarded as the global lender of last resort.

<span class="mw-page-title-main">Bank for International Settlements</span> International financial institution owned by central banks

The Bank for International Settlements (BIS) is an international financial institution owned by central banks that "fosters international monetary and financial cooperation and serves as a bank for central banks". The BIS carries out its work through its meetings, programmes and through the Basel Process – hosting international groups pursuing global financial stability and facilitating their interaction. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.

<span class="mw-page-title-main">Bretton Woods Conference</span> International conference in New Hampshire, US in 1944

The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton Woods, New Hampshire, United States, to regulate the international monetary and financial order after the conclusion of World War II.

<span class="mw-page-title-main">Marek Belka</span> 11th Prime minister of Poland

Marek Marian Belka is a Polish professor of economics and politician who has served as Prime Minister of Poland and Finance Minister of Poland in two governments. He is a former Director of the International Monetary Fund's (IMF) European Department and former Head of Narodowy Bank Polski. He has served as a Member of the European Parliament (MEP) since July 2019.

<span class="mw-page-title-main">G7</span> International intergovernmental economic organization

The Group of Seven (G7) is an inter-governmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. In addition, the European Union is a 'non-enumerated member'. Its members are the world's largest IMF advanced economies and liberal democracies; the group is officially organized around shared values of pluralism and representative government. As of 2020, the collective group accounts for over 50 percent of global net wealth, 32 to 46 percent of global gross domestic product, and approximately 770 million people or 10 percent of the world's population. Members are great powers in global affairs and maintain mutually close political, economic, social, legal, environmental, military, religious, cultural, and diplomatic relations. From 2022, Germany has taken over the rotating presidency of the G7, following the presidency of the United Kingdom.

<span class="mw-page-title-main">Group of 24</span> International governmental financial organization

The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development, or The Group of 24 (G-24) was established in 1971 as a chapter of the Group of 77 in order to help coordinate the positions of developing countries on international monetary and development finance issues, as well as and to ensure that their interests are adequately represented in negotiations on international monetary matters. Though originally named after the number of founding Member States, it now has 28 Members. Although the G-24 officially has 28 member countries, any member of the G-77 can join discussions.

<span class="mw-page-title-main">G20</span> International forum of 19 countries and the EU

The G20 or Group of Twenty is an intergovernmental forum comprising 19 countries and the European Union (EU). It works to address major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development.

<span class="mw-page-title-main">Singapore 2006</span>

Singapore 2006 was a group of several concurrent events that were held in Singapore in support of the 61st Annual Meetings of the Boards of Governors of the International Monetary Fund and the World Bank Group. The opening ceremony and plenary sessions for the main meetings took place from 19–20 September 2006 at the Suntec Singapore International Convention and Exhibition Centre (SSICEC) in Marina Centre. The ministers of G8, G10 and G24 coincided with the event on 16 September. Registration for event delegates began on 11 September 2006 at City Hall, and the three-day Program of Seminars from 16 September 2006 at the Pan Pacific Singapore. Other concurrent events that were held at various venues include the Singapore Biennale 2006, the Raffles Forum 2006, Indonesia Day and the Global Emerging Markets Investors Forum and Networking Reception.

<span class="mw-page-title-main">Youssef Boutros Ghali</span> Egyptian economist and politician

Youssef Raouf Boutros-Ghali or YBG is an Egyptian economist who served in the government of Egypt as Minister of Finance from 2004 to 2011. He was succeeded by Samir Radwan on 31 January 2011.

<span class="mw-page-title-main">Financial centre</span> Locations which are centres of financial activity

A financial centre (BE), financial center (AE), or financial hub, is a location with a concentration of participants in banking, asset management, insurance or financial markets with venues and supporting services for these activities to take place. Participants can include financial intermediaries, institutional investors, and issuers. Trading activity can take place on venues such as exchanges and involve clearing houses, although many transactions take place over-the-counter (OTC), that is directly between participants. Financial centres usually host companies that offer a wide range of financial services, for example relating to mergers and acquisitions, public offerings, or corporate actions; or which participate in other areas of finance, such as private equity, hedge funds, and reinsurance. Ancillary financial services include rating agencies, as well as provision of related professional services, particularly legal advice and accounting services.

Alexandre Kafka was an international economist mainly known for his work as an Executive Director in the International Monetary Fund (IMF).

<span class="mw-page-title-main">Chiang Mai Initiative</span>

The Chiang Mai Initiative (CMI) is a multilateral currency swap arrangement among the ten members of the Association of Southeast Asian Nations (ASEAN), the People's Republic of China, Japan, and South Korea. It draws from a foreign exchange reserves pool worth US$120 billion and was launched on 24 March 2010. That pool has been expanded to $240 billion in 2012.

Malcolm D. Knight is a Canadian economist, policymaker and banker. He is currently Visiting Professor of Finance at the London School of Economics and Political Science and a Distinguished Fellow at the Center for International Governance Innovation. From 2008 to 2012, Knight was Vice Chairman of Deutsche Bank Group where he was responsible for developing and coordinating the bank's global approach to issues in financial regulation, supervision, and financial stability. He served as general manager of the Bank for International Settlements from 2003 to 2008 and as Senior Deputy Governor of the Bank of Canada (1999-2003), after holding senior positions at the International Monetary Fund (1975-1999).

Washington A16, 2000 was a series of protests in Washington, D.C. against the International Monetary Fund and the World Bank, that occurred in April 2000. The annual IMF and World Bank meetings were the scene for follow-on protests of the 1999 WTO protests. In April 2000, between 10,000 and 15,000 protesters demonstrated at the IMF, and World Bank meeting.

The Bretton Woods Committee is an American organization created in 1983 as a result of the agreement between U.S. Secretary of the Treasury, Henry Fowler, and U.S. Deputy Secretary of the Treasury, Charls Walker – at the time a Democrat and a Republican, respectively. The agreement they arrived upon was that world leaders should express to the public the significance of international finance institutions (IFIs), like the Bretton Woods Institutions, and how important it was for their prominence in the world to be maintained. After the 1944 Bretton Woods Conference, the International Monetary Fund and World Bank were established; they are now often referred to as "Bretton Woods Institutions".

<span class="mw-page-title-main">Nicoletta Batini</span> Italian economist

Nicoletta Batini is an Italian economist, notable as a scholar of innovative monetary and fiscal policy practices. During the crisis she pioneered the IMF work exposing the dangers of excessive fiscal austerity and designed ways to consolidate public debt successfully during phases of financial deleveraging. Since 2003 at the International Monetary Fund, she has served as Advisor of the Bank of England’s Monetary Policy Committee between 2000-2003 and was Professor of Economics at the University of Surrey (2007-2012), and Director of the International Economics and Policy office of the Department of the Treasury of Italy’s Ministero dell’Economia e delle Finanze (MEF) between 2013-2015. Batini's fields of expertise include monetary policy, public finance, open economy macroeconomics, labor economics, energy and environmental economics, and economic modeling. She has handled extensive consultancy roles in the public sector in advanced and emerging market countries. She holds a Ph.D. in international finance from the Scuola Superiore S. Anna and a Ph.D. in monetary economics from the University of Oxford.

<span class="mw-page-title-main">World Bank</span> International financial institution

The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), two of five international organizations owned by the World Bank Group. It was established along with the International Monetary Fund at the 1944 Bretton Woods Conference. After a slow start, its first loan was to France in 1947. In the 1970s, it focused on loans to developing world countries, shifting away from that mission in the 1980s. For the last 30 years, it has included NGOs and environmental groups in its loan portfolio. Its loan strategy is influenced by the Millennium Development Goals as well as environmental and social safeguards.

<span class="mw-page-title-main">Liviu Voinea</span> Romanian economist

Liviu Voinea is Romania's representative to the International Monetary Fund and Senior Advisor to the IMF Executive Director starting 26 August 2019. In this capacity he is a member of the Executive Board of the International Monetary Fund. He also represents Montenegro to the IMF.

Michael G. Porter is an Australian academic economist who taught at the Australian National University (Canberra) and Monash University (Melbourne). In 1979, he set up a think-tank at Monash University, the Centre of Policy Studies (CoPS) supporting freer markets in commodities, finance and foreign exchange along with researching and advocating significant market-improving regulatory reforms. As part of this process CoPS employed leading US and other international economists and industry specialists. He is also the founding director of Tasman Institute from 1990-98

Canada is one of the original members of the International Monetary Fund, having joined it on December 27, 1945. It has a quota of 11,023.9 million SDRs and 11,698 votes, 2.31% of the total IMF quota and votes, ranking the 9th of all. Canada has been represented on the IMF Board of Governors by Minister of Finance Chrystia Freeland since 2020. Canada elects an Executive Director on the fund's Executive Board with Antigua and Barbuda, Barbados, Ireland, Bahamas, Belize, Dominica, Grenada, Jamaica, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines. Philip John Jennings is the elected alternate director. Canada is the only G7 country that represents both lenders and borrowers at the IMF.

References

  1. ↑ "Singapore takes flak for ban on protests". The Sunday Times (Singapore) . 2006-09-10. Archived from the original on 2006-09-14. Retrieved 2006-09-10.
  2. ↑ "2002 Annual Meetings -- International Monetary Fund and World Bank Group".
  3. ↑ "2003 Annual Meetings. -- World Bank Group and International Monetary Fund".
  4. ↑ "2004 Annual Meetings -- International Monetary Fund and World Bank Group".
  5. ↑ "2005 Annual Meetings -- International Monetary Fund and World Bank Group".
  6. ↑ "2006 Annual Meetings -- International Monetary Fund and World Bank Group".
  7. ↑ "2007 Annual Meetings -- World Bank Group and International Monetary Fund".
  8. ↑ "2008 Annual Meetings -- International Monetary Fund and World Bank Group".
  9. ↑ "Annual Meetings : Home".
  10. ↑ "Annual Meetings 2010 : Home".
  11. ↑ "Annual Meetings 2011 : Home".
  12. ↑ "Press Release: IMF and World Bank Group to Hold 2012 Annual Meetings".
  13. ↑ "Annual Meetings 2013 of the World Bank Group and International Monetary Fund, October 11-13, 2013".
  14. ↑ GW Today - Five Updates on the Global Economy from Christine Lagarde’s ‘Hardtalk’ Interview
  15. ↑ "2014 Annual Meetings".
  16. ↑ "2015 Annual Meetings".
  17. ↑ "2016 Annual Meetings of the IMF and the World Bank Group, Washington DC - October 7-9, 2016".
  18. ↑ "2017 Annual Meetings of the World Bank Group and the IMF, Washington, DC, October 9-15, 2017".
  19. ↑ "Home".
  20. ↑ "Annual Meetings".
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.