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Annual Meetings 2005 preview Oil, global imbalances likely to take center stage

Author(s):
International Monetary Fund. External Relations Dept.
Published Date:
September 2005
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With the world economy continuing to exhibit a gritty resilience, the world’s finance ministers and central bankers meeting in Washington, D.C. on September 24-25 are set to debate ways to keep the global economic expansion on track. Sharply increased oil prices, thin energy reserves, and the ramifications of large global imbalances over the medium term are likely to be among the chief concerns at the IMF-World Bank Annual Meetings.

On September 24, the IMF’s chief advisory body—the International Monetary and Financial Committee (IMFC)— is expected to examine prospects and risks for the global economy, the IMF’s medium-term strategic direction, and proposals to strengthen IMF support for low-income countries. The session will be chaired by U.K. Chancellor of the Exchequer Gordon Brown.

IMF Managing Director Rodrigo de Rato is expected to provide the IMFC with updates on the IMF’s work— including in the areas of surveillance and crisis prevention, crisis resolution, the use of IMF resources, IMF governance, and efforts to combat money laundering and the financing of terrorism.

The IMFC’s exchange of views on the global economy will be informed by the latest World Economic Outlook (WEO) projections and the related analysis by IMF staff of economic policies around the globe. The projections, contained in the first chapter of the WEO, will be released on September 21 at a press conference by IMF Economic Counsellor and Research Department Director Raghuram Rajan.

The joint World Bank-IMF Development Committee, chaired by Trevor Manuel, South Africa’s Finance Minister, will meet on September 25. It is expected to follow up on recent initiatives designed to strengthen the development partnership and financing for achieving the Millennium Development Goals, with a special focus on Africa. Also likely to be taken up are the Doha Development Agenda and aid for trade.

The Joint Annual Meeting of the IMF’s and World Bank’s Governors, in plenary session, will begin on September 24 and conclude on September 25.

The Annual Meetings will be preceded on September 23 by gatherings of finance ministers from the Group of Twenty-Four developing countries and the Group of Seven advanced economies. A two-day program of seminars on September 22-23 will take up topical economic, financial, and development issues. The seminars are open to the public.

On September 25 at George Washington University’s Marvin Center, former IMF Managing Director Michel Camdessus will deliver the 2005 Per Jacobsson Lecture on “International Financial Institutions: Dealing with New Global Challenges.”

For more information about the IMF-World Bank Annual Meetings, including the full text of the IMFC and the Development Committee communiqués as well as transcripts of the speeches and press conferences, see the IMF’s website (www.imf.org.

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