Estonia participates in the Annual Meeting of the International Monetary Fund and the World Bank Group

The representatives of Eesti Pank and the Ministry of Finance participate in the IMF-World Bank Annual Meeting and the meetings of IMF International Monetary and Financial Committee (IMFC) and World Bank Development Committee in Washington D.C. October 8-9. This year, the main topics of the Annual Meeting are the outlook for the recovery of world economy and financial markets and the related risks, and governance and financing of organisations.

At the IMFC meeting, the evaluation of world economic and financial markets' situation is of priority to Estonia. The evaluation will include global monetary and fiscal policy challenges and focus on the analysis of systemic risks. This time, in the agenda, a special emphasis is placed on the question how to avoid uncoordinated adjustment of exchange rates on the part of major economies and how to balance the still fragile world economy. Furthermore, Estonia expects from the IMFC discussions clarity in organisation governance and progress in agreeing upon member countries' participation/quota reform. The aim of the quota reform is to increase the financing of the IMF and the representation of fast-growing economies. Quota increases and voice reallocation would also result in Estonia's increased representation in the IMF.

At the World Bank Development Committee meeting the impact of the crisis on the world economy is also discussed, in particular the impact on less advanced countries. At the Annual Meeting, it is envisaged to evaluate the impact of the financial crisis on the developing countries and come up with means to alleviate it, also to finish the capital and voice reform of World Bank Group organisations that was initiated at the spring meeting of the Development Committee. In addition, Estonia will take part in the negotiations of the International Development Association's (IDA) next (16th) financing round and specify Estonia's role in international development cooperation networks.

Estonia's representatives at the Annual Meeting are Jürgen Ligi, Minister of Finance, Tea Varrak, Ministry's Secretary-General, Andres Lipstok, Governor of Eesti Pank and Märten Ross, Deputy Governor of Eesti Pank. Experts from Eesti Pank and Ministry of Finance will also attend the Annual Meeting.

On October 8, the Minister of Finance will attend a panel discussion in the Annual Meetings Program of Seminars where he will speak about the invigorating impact of the fiscal policy consolidation based on Estonia's experience.

During the visit, the representatives of Eesti Pank and Ministry of Finance will meet the Executive Board of the IMF, the representatives of the Ministry of Finance and the Federal Reserve of the United States, the Head of the World Bank Eastern Europe and Baltic States Department and the representatives of several international banks.

The aim of these meetings is to introduce Estonia's economic situation and forecast, as well as policies aimed to recover economic growth and ensure financial stability and fiscal sustainability. An overview is given on the most recent economic and financial policy developments in the Baltic States and in Europe in general. Also, the benefits - those already materialised and others that are expected - of the changeover to the euro and preparations made for the latter are being discussed.

For a detailed schedule of the Annual Meeting, see the IMF homepage: http://www.imf.org/external/am/2010/

Further information:
Viljar Rääsk
Public Relations Office
Telephone: +372 668 0745, +372 527 5055
E-mail: viljar.raask [at] eestipank.ee