A Factsheet - September 2006
The Annual Meetings of the International Monetary Fund and the World Bank Group
is the only global event that each year brings together thousands of leaders
from the financial and development field, including monetary policymakers,
private-sector executives, and academic experts, to discuss issues of global
concern, such as the world economic outlook, poverty eradication, economic
development, and effective aid. The Meetings, which are widely covered by the
international media, also offer an opportunity to Civil Society Organizations to
air their views and interact with policy makers in a multilateral setting.
The 2006 Annual Meetings of the Boards of Governors of the IMF and
World Bank Group will be held at the Suntec Center in
Singapore on September 19-20. The Board of Governors for each institution
consists of one Governor from each of the IMF’s 184 member countries. For the
IMF, these are typically the finance ministers or the heads of central banks.
During the Annual Meetings, the Board of Governors can decide on major policy
issues related to the future work of the two institutions, which are
subsequently implemented by their respective Executive Boards.
In the days preceding the formal Annual Meetings, there will be
meetings of the International Monetary and Financial Committee (IMFC), the
advisory body of the IMF, and the Development Committee, a
forum of the World Bank and the IMF that facilitates consultation and
consensus-building on development issues. This year, the IMFC will meet on
Sunday, September 17, and the Development Committee on Monday, September 18. The
communiqués issued after the meetings of these committees give important
guidance to the institutions’ Executive Boards, and generate wide coverage by
the media and close attention among Civil Society Organizations.
The Annual Meetings are usually held for two consecutive years at the IMF and
World Bank headquarters in Washington D.C. and every third year in another
The last three Meetings abroad were held in Dubai (2003); Prague (2000); and
Hong Kong (1997). A
complete list is available on the Annual Meetings website.
The Singapore Meetings are expected to be attended by about 16,000 participants,
including the Governors, their Alternates, and delegations (approximately 3,000
people); 350 observers from intergovernmental agencies (e.g., OPEC, OECD); 350
special guests (high-level representatives from global financial institutions);
about 2,400 visitors (including representatives from financial institutions and
private individuals); 1,300 journalists; 300 representatives of civil society
organizations; and 700 IMF/World Bank staff in addition to local staff and
security personnel. Annual meetings at headquarters are usually attended by
about 8,000 participants. For more information, go to the
Annual Meetings website.
What’s on the agenda?
The International Monetary and Financial Committee (IMFC),
which is currently chaired by UK Chancellor Gordon Brown, advises the Board of
Governors and will discuss the outlook for the global economy and developments
in financial markets. At the 2006 Annual Meetings, the committee will review the
implementation of the IMF’s Medium-Term Strategy with a focus on IMF governance
(voice and representation) and on adapting the IMF surveillance framework. The
IMFC will also examine the IMF’s engagement with emerging market countries; and
IMF support to low-income members in achieving the Millennium Development Goals.
At the conclusion of its meeting, the IMFC will release a communiqué, which will
be followed by a press conference by Chancellor Brown and IMF Managing Director
Rodrigo de Rato. For more details, see the Annual Meetings’
schedule of events.
Various country groups, such as the Group of 24 or the
Group of Seven Finance Ministers and Central Bank Governors, also take the
opportunity to meet with their members ahead of the Annual Meetings. For more
details, see a
Guide to Committees, Groups and Clubs.
In addition to the major press conferences on the Global
Financial Stability Report, the World Economic Outlook, and the Annual Meetings
agenda by the Managing Director, IMF senior staff will also hold press briefings
and seminars on regional economic outlooks and other topical issues. For more
details, see the
Saturday, September 16, through Monday, September 18, the Program of
Seminars—entitled “Asia in the World, the World in Asia”—will offer participants
the opportunity for in-depth discussion on financial sector issues. The Program
is a premier global forum where private sector executives from around the world,
high-level policymakers, and other leaders in the international development and
financial fields hold a constructive dialogue to strengthen the network for
cooperation in the global economy. This year’s keynote speaker will be the
President of the Republic of Nigeria, Olusegun Obasanjo. For more details, see
Program of Seminars webpage.