Eesti Pank and the Ministry of Finance are attending the annual meetings of the International Monetary Fund (IMF) and the World Bank on 13–17 October in Bangkok. The annual meetings will discuss the state of the global economy and the financial system and the risks to them.

The global economy has proven more resilient than expected in recent years despite the repeated shocks to it, but uncertainty has been increased by Russia’s war of aggression in Ukraine, the ongoing conflict in the Middle East, and heightened geopolitical tensions. Investment in artificial intelligence is supporting economic growth, but large sovereign debts, higher financing costs, disruptions to energy supplies and worsening trade tensions are increasing the chance of growth proving weaker than expected. In this environment, the IMF is focusing its economic monitoring increasingly on the main risks and policy areas for each country so that it can give more accurate and better targeted recommendations.

The annual meetings will look for ways to make economies more resilient, rebuild fiscal buffers, support international economic cooperation, and continue funding Ukraine. The focus of the IMF discussions is on economic growth and ensuring price stability and financial stability at a time when large sovereign debts and rising borrowing costs are limiting the capacity of many countries to support their economies. Attention will be paid to minimising the risks to the financial sector and reducing external economic imbalances between countries. There will also be discussion of how to keep the international trade and finance system open and how to use the opportunities offered by artificial intelligence while at the same time reducing the risks that come with the new technology. An important topic will again be support for Ukraine, as Russia’s continuing war of aggression means the country’s need for funding remains very large. The IMF’s economic policy programme for Ukraine will help steer economic policy and the reforms needed, and strengthen its macroeconomic stability.

The World Bank is looking for ways to encourage job creation in developing economies and to involve the private sector in funding when the fiscal headroom of donor countries is limited. The rise in energy prices and tackling the root causes of it is also an important issue. A notable difference on this occasion is that the Minister of Finance Jürgen Ligi will be representing the Nordic-Baltic Constituency and will speak at the development committee on behalf of the whole region. This will give an opportunity to emphasise how Russia’s war has hurt global development and how important it is to support Ukraine decisively. The message will be that accelerating the transition to renewable energy is the way to mitigate the rise in energy prices. A separate roundtable for countries supporting Ukraine and a meeting of the Coalition of Finance Ministers for Climate Action will be held as part of the annual meetings.

Minister of Finance Jürgen Ligi, Governor of Eesti Pank Ülo Kaasik, Deputy Governor Andrus Alber, and experts from the Ministry of Finance and the central bank will attend the annual meetings of the International Monetary Fund and the World Bank and other meetings held within the same framework. Meetings are planned alongside the official discussions with senior officials from the IMF and World Bank, the Ministers of Finance of Ukraine, Moldova and other countries, heads of central banks and senior officials, and other representatives of the public and private sectors.

The meetings of the IMF and the World Bank are held twice a year and bring together high-level delegations to discuss key economic and financial questions and coordinate global economic policy.

For the schedule of the meetings, see the IMF website.

For further information:
Hanna Jürgenson
Communications officer
5692 0930
Email: [email protected]
Press enquiries: [email protected]

Siiri Suutre
Communications Department
Ministry of Finance
611 3114 | 5665 4707
[email protected]