As already scheduled, in the morning of Monday, October 12, 2020, the 2020 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) were commenced virtually. This is the year’s most important event coordinated between the IMF and the WBG, which brings together Central Bank Governors, Finance Ministers, private sector executives, representatives from social institutions as well as scholars to discuss global issues and concerns, including: world economic outlook, poverty reduction, economic development, and aid performance.
The first IMF/WB Annual Meetings were held in Washington D.C., the United States in 1946. The Annual Meetings usually take place in October every year, and are considered the largest global platform bringing together the whole financial world. The Meetings are customarily held in Washington D.C. for two consecutive years and in another member country for the third year. Under the impacts of the Covid-19 pandemic, all 2020 meetings would be held virtually on October 12-18, 2020. Also for that reason, this year's Meetings are believed to attract many participants representing state agencies, the private sector as well as scholars around the world who can register to attend online.
In addition to the working programs of the Meetings, including meetings of the IMF, the WBG, the International Monetary and Financial Committee (IMFC), the International Development Association (IDA), the International Finance Corporation (IFC), etc. According to the plan, Vietnamese Delegation would attend both Deputies and Ministers/Governors’ Meetings as a part of the G20 Financial Process in 2020. In order to help low-income countries overcome the negative impacts of the pandemic, Mr. David Malpass, WB’s President and Mrs. Kristalina Georgieva, IMF’s Managing Director have called on the G20 countries to extend the Covid-19 Debt Service Suspension Initiative (DSSI) and to pledge to expand the scope of the Initiative as much as possible. Hence, at this year's Meetings, the WBG Development Committee would focus on discussing two specific reports, namely Updates on Emergency Responses to Covid-19, and Updates on the Implementation and Extension of the DSSI, in order to enhance the performance of cooperation and assistance for countries.
Within the framework of the Annual Meetings, the IMF would release the World Economic Outlook (WEO) report, updating the latest developments of countries during the COVID-19 epidemic crisis, thereby assessing and forecasting developments in the global markets and the global economy since June 2020. Furthermore, the IMF's Asia and Pacific Department (APD) would hold a virtual conference to provide some reviews on the economic outlook in Asia and the Pacific, and release the APD’s Regional Economic Outlook (APD REO). The Conference would also be a forum for countries in the region to express and share new challenges that may emerge in 2021 as well as in the medium-term, and the issues and policy consultancy related to the post-Covid economic recovery.
Following the theme of “Pathway to Recovery”, this year's Annual Meetings would also feature seminars, regional summaries, press conferences and other related events focusing on the impacts of the Covid-19 pandemic on the global outlook, the pathway to recovery and the development of the international financial system. The Annual Meetings would also attempt to find effective solutions and policies to promote sustainable and comprehensive cooperation, especially to help countries to quickly get back to the race after the negative impacts that the COVID-19 pandemic has brought to the global economy.
VA