In the International Monetary and Financial Committee (IMFC), finance ministers and central bank governors will discuss the global economic outlook. After the global economic crisis in 2009, the IMF anticipates positive growth again in the global economy for 2010. This upturn will be stronger than previously expected, but it will vary depending on the country. Growth in the current year will be moderate throughout the advanced economies. Above all, it will remain dependent upon extraordinary monetary and fiscal support measures. The risks, in particular for public finances, are high. Many countries have to develop credible exit strategies.
In this context, the IMF mandate should continue to be strengthened by increased transnational monitoring and improved coverage of the financial sector. In the IMFC, measures to strengthen the IMF governance structure will be discussed. This includes an examination of quotas, improved strategic integration of the IMFC and the selection procedure for IMF management.
The Development Committee (DC) will discuss the new long-term strategy of the World Bank and its financial power. The World Bank wants to concentrate on five priorities, so that it is able to respond better to new, global challenges. The main focuses are poverty reduction, measures to promote economic growth in the developing countries, measures to do with global problems, governance/anti-corruption and risk management and crisis response.
The Development Committee (DC) is to approve the second phase of the current governance reforms in the World Bank. This second phase will lead to an increase in the voting rights of developing countries by some 3% and will thereby contribute to strengthening the credibility of the World Bank.
To implement its strategy and to continue with the measures to mitigate the impact of the economic crisis, the institution is planning a substantial capital increase.
Address for enquiries:
Paul Inderbinen, Head of the International Financial Institutions Division, State Secretariat for International Financial Matters, tel. 031 322 61 66
Raymund Furrer, Head of the Division for Multilateral Cooperation, State Secretariat for Economic Affairs (SECO), tel. 031 324 08 19
Olivier Chave, Head of the Global Institutions Division, Swiss Agency for Development and Cooperation, tel. 031 322 86 09