Eesti Pank and the Ministry of Finance are attending the annual meetings of the International Monetary Fund (IMF) and the World Bank on 15–18 October in Washington. The annual meetings will discuss the challenges facing the global economy and the financial system.

Shocks in recent years have reduced the capacity for growth in the global economy. The performance of the economy has been affected by Russia’s invasion of Ukraine and the war there, and by geopolitical tensions becoming heightened. Developments in trade policy have equally restricted the movement of goods and services, weakening transparent trade based on international rules. The economic position is currently more stable than it was at the time of the spring outlook though. The economy has grown by more this year than was expected, as trade was above its usual levels in the first half of the year in anticipation of tariffs. The annual meetings are an opportunity to increase cooperation and look for solutions that could help make the economy more resilient, support financial stability, and maintain funding for Ukraine.

The IMF is focusing this time on the need to strengthen fiscal buffers, maintain price stability and reduce risks in the financial sector. Vulnerability comes not only from the general uncertainty and slowing economic growth, but also from the substantial increase in debt in several countries. The most exposed are poorer countries that are only recovering from the shocks and have to meet stricter conditions in order to access external funding. The IMF supports countries with economic policy monitoring, technical assistance and lending. Its economic policy programme for Ukraine is vital because it helps keep the country’s economic policy on a fixed course and supports stability and ongoing reforms.

The meeting of the Development Committee of the World Bank will hear a review of the reforms designed to make the work of the banking group faster, simpler and more effective, and to make the bank itself more powerful financially, while at the same time maintaining the highest credit rating of AAA and remaining financially sustainable. The work of the bank focuses on creating jobs and reducing insecurity, especially in the poorest countries. An important part of this is the bank taking an active role in building electricity and internet connections and giving advice to countries on how best to employ innovation and artificial intelligence. Another key event is that the International Development Association (IDA) started fund-raising for its 21st funding round, which is a record 100 billion US dollars in size. The IDA helps the poorest countries that are facing the greatest problems with debt, adaptation to climate change, and poverty.

Minister of Finance Jürgen Ligi, Governor of Eesti Pank Madis Müller and Deputy Governor Ülo Kaasik, and experts from the central bank and the Ministry of Finance will attend the annual meetings of the International Monetary Fund and the World Bank and other meetings held within the same framework. Meetings are also planned with senior officials from the IMF and World Bank, the Ministries of Finance of Ukraine and other countries, and the Federal Reserve, and other representatives of the public and private sectors. Estonia has also been invited to make presentations at several seminars and discussions happening during the annual meetings.

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]