Governor of Eesti Pank Madis Müller, Deputy Governor Ülo Kaasik, Minister of Energy and the Environment Andres Sutt, and Advisor on International Relations at the Ministry of Finance Märten Ross, will attend the spring meetings of the International Monetary and Financial Committee (IMFC) of the International Monetary Fund (IMF) and the Development Committee of the World Bank on 21–26 April in Washington.

The main topic of discussion at the spring meetings will be the increasing challenges facing the global economy, from changing trade policy, the deepening climate risk, and the funding of development policy. The Estonian delegation will meet members of the boards of the IMF and the World Bank, staff from US ministries, and representatives of the private sector, and will attend discussions on the economy, the climate, energy and technology. They will also meet representatives of Ukraine during the meetings.

The IMF finds that the global economy has so far held up well, but there has been a substantial increase in general uncertainty. Uncertainty about trade policy and geopolitical fragmentation, which includes Russia’s ongoing war in Ukraine, are making it harder for economic activity to recover to its level from before the pandemic. Global inflation continues to fall towards the targets set for it by central banks, but at a slowing pace. State budget deficits remain large, and as national debts have grown fast in recent years, the IMF is emphasising the need for national debts to be sustainable.

The focus of the World Bank is on creating jobs and helping workers develop. Reviving economic development means creating jobs that match future trends and developing workers, which includes helping young people and women access the labour market better. The World Bank has done good work in promoting healthcare and education, but national governments need more support to create and apply legislation, and cooperate with the private sector.

Given all this, there are areas that demand close international cooperation, such as reducing stresses in trade policy, recovering the sustainability of sovereign debt in both advanced and emerging economies, and coping with climate change. Their large memberships give both the IMF and the World Bank a good platform for consultation and for cooperating on economic programmes.

The spring and annual meetings of the IMF and the World Bank are held twice a year and bring together high-level delegations from all the countries that are members of the two organisations to discuss key economic and financial questions and coordinate global economic policy.

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

Additional information:
Hanna Jürgenson
Eesti Pank
Communications Specialist
Tel: 56920 930
[email protected]