What's the Annual Meetings of the IMF and World Bank?

The Annual Meetings of the IMF and World Bank

The Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group, held in the autumn of each year, are formal gatherings of the Boards of Governors––the highest decision-making bodies of the two organizations. As customary, once in every three years the Annual Meetings are held outside the organizations’ Washington D.C. headquarters. The 2012 meeting will mark the second time this event has been held in Japan, with the first such meeting held back in 1964. The year will also mark the 60th anniversary of Japan’s membership to the Fund and the Bank.

As the Annual Meetings are attended by finance ministers, central bank governors, and other principals from around the world, the official events will also be complemented by a large number of bilateral conferences, regular meetings of the G7, G20, G24, G10, Commonwealth minister conferences, and other events. The Annual Meetings gather not only ministers and key government officials, but also members of the private sector, including representatives of financial institutions, as well as the media and civil society organizations (CSOs). A number of seminars and symposiums, being held during the same week, provide additional opportunities for dialogue and networking. This is one of the largest international conferences in the world. During the meetings period, approximately 200 gatherings of all sizes will be held, attended by 10,000 participants. Total attendance including special guests, as well as private sector, media, and CSO representatives is expected to be approximately 20,000.

What is the IMF (International Monetary Fund)?

The IMF's fundamental mission is to help ensure stability in the international system. It does so in three ways: keeping track of the global economy and the economies of member countries; lending to countries with balance of payments difficulties; and giving practical help to members.

Surveillance

The IMF oversees the international monetary system and monitors the financial and economic policies of its members. It keeps track of economic developments on a national, regional, and global basis, consulting regularly with member countries and providing them with macroeconomic and financial policy advice.

Technical Assistance

To assist mainly low- and middle-income countries in effectively managing their economies, the IMF provides practical guidance and training on how to upgrade institutions, and design appropriate macroeconomic, financial, and structural policies.

Lending

The IMF provides loans to countries that have trouble meeting their international payments and cannot otherwise find sufficient financing on affordable terms. This financial assistance is designed to help countries restore macroeconomic stability by rebuilding their international reserves, stabilizing their currencies, and paying for imports—all necessary conditions for relaunching growth. The IMF also provides concessional loans to low-income countries to help them develop their economies and reduce poverty.

What is the World Bank?

As the name indicates, this is a bank for the world that aims to provide support for efforts to reduce poverty in developing nations. The World Bank provides financial support and policy advice for programs that promote sustainable growth and improve living standards in these nations.
Because the stages of development and capital needs of developing nations are highly varied, a number of different institutions have been established, each with different purposes. These include the International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), and International Finance Corporation (IFC), and Multilateral Investment Guarantee Agency (MIGA), and these institutions are collectively known as the "World Bank Group."