Let me welcome all of you to Singapore. We are honored to be the hosts for this year’s Annual Meetings of the IMF and the World Bank. We hope that the Singapore Meetings will mark another milestone in our collective efforts to promote sustained global growth and lift our people out of poverty.
Distinguished Prime Minister of Singapore, Mr. Lee Hsien Loong, Managing Director de Rato, President Wolfowitz, fellow Governors, ladies and gentlemen, I would like to welcome you all to the 2006 Annual Meetings of the International Monetary Fund and the World Bank Group. It is a great honor for my country, Guyana, to chair these meetings.
Mr. Chairman, Governors, and distinguished guests, I am pleased to join you for the Annual Meetings of the IMF and the World Bank Group. I would like to extend a special thanks to the Government and people of Singapore for hosting us and for their hard work in organizing this meeting, and to the Chairman of the Development Committee, Alberto Carrasquilla, for leading our important discussions.
International Monetary Fund. Secretary's Department
Sept ans après l’éclatement de la crise financière mondiale, le monde a encore beaucoup de chemin parcourir pour arriver à une reprise durable, marquée par une croissance forte permettant la création rapide d’emplois et apportant des avantages à tous, déclare la Directrice générale du Fonds monétaire international (FMI), Christine Lagarde, dans son message d’introduction au Rapport annuel 2014 de l’institution, intitulé De la stabilisation à la croissance durable, rendu public aujourd’hui. «La reprise est bien là, mais elle est encore trop lente et trop fragile, à la merci des aléas financiers. Des millions de personnes sont toujours sans emploi. L’incertitude a certes reflué, mais il est clair qu’elle n’a pas disparu.» Mme Lagarde ajoute que «pendant toute la durée de la crise et la période de redressement, le FMI a été, et continue d’être, un agent indispensable de la coopération économique» pour les pays membres. Le Rapport annuel rend compte du travail du Conseil d’administration du FMI et contient les états financiers de l’institution pour l’exercice allant du 1er mai 2013 au 30 avril 2014. Il décrit le soutien que le FMI apporte à ses 188 pays membres, en mettant l’accent sur les missions fondamentales de l’institution : évaluer les politiques économiques et financières des pays, leur fournir des financements en cas de besoin et développer leurs capacités techniques.
The Annual Report to the Board of Governors reviews the IMF’s activities and policies during any given year. There are five chapters: (1) Overview, (2) Developments in the Global Economy and Financial Markets, (3) Policies to Secure Sustained and Balanced Global Growth, (4) Reforming and Strengthening the IMF to Better Support Member Countries, and (5) Finances, Organization, and Accountability. The full financial statements for the year are published separately and are also available, along with appendixes and other supplementary materials.
One of the core responsibilities of the International Monetary Fund is to maintain a dialogue with its member countries on the national and international consequences of their economic and financial policies. This process of monitoring and consultation, referred to as surveillance, is mandated under Article IV of the IMF’s Articles of Agreement and lies at the heart of the Fund’s efforts to prevent crises.
International Monetary Fund. Independent Evaluation Office
The IEO completed an evaluation of the governance of the IMF in 2008 when the stability of the international monetary system was under threat and the relevance and legitimacy of the IMF was in question. The 2008 evaluation assessed the extent to which IMF governance was effective and efficient, and whether it provided sufficient accountability and channels for stakeholder voices to be heard. It concluded that effectiveness had been the strongest aspect of the Fund’s governance while accountability and voice had been the weakest, with the potential to undermine legitimacy and effectiveness if not addressed.
International Monetary Fund. Secretary's Department
The period from May 2013 through April 2014—the IMF’s financial year 20141—saw the world economy reach a critical juncture: emerging from the greatest financial crisis in almost a hundred years. Recovery was taking hold but was too slow and faced many obstacles along the road. In her Global Policy Agenda, the IMF’s Managing Director set out bold policy steps that could overcome these obstacles and take the global economy toward more rapid and sustainable growth. The top priority was to strengthen the coherence of the policies and cooperation among policymakers, both at home and across borders: national prosperity and global prosperity are linked and depend, more than ever before, on countries working together. The IMF is indispensable for this global cooperation.
As FY2010 drew to a close,1 the global economy appeared to be emerging from the worst recession in over 60 years. The recovery remained uneven, however, with some economies growing very robustly, while others were experiencing more tepid rebounds, and downside risks were increasing-and continued to do so in early FY2011. Policies are needed to address these risks and set the stage for a return to strong and sustained global growth.