Last Updated : Oct 11, 2020 02:59 PM IST | Source: Moneycontrol.com

IMF, World Bank annual meetings start on October 12: Here's what you need to know

The International Monetary Fund and the World Bank meetings, which are usually held in Washington, will this year be held primarily in a virtual format on October 12-18.

IMF Chief Kristalina Georgieva (Image: Reuters)
IMF Chief Kristalina Georgieva (Image: Reuters)

The International Monetary Fund (IMF) and the World Bank will hold their annual meetings on October 12-18, amid a global economic crisis due to the COVID-19 pandemic.

The meetings, which are usually held in Washington, will this year be held primarily in a virtual format.

IMF Managing Director Kristalina Georgieva recently said the IMF might make a slight upward revision to its outlook for the global economy. In June, the IMF forecast the global economy to contract 4.9 percent in 2020.

"My key message is this: The global economy is coming back from the depths of this crisis," Georgieva said at a London School of Economics online event.

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"But this calamity is far from over. All countries are now facing what I would call 'the long ascent' - a difficult climb that will be long, uneven, and uncertain. And prone to setbacks," Georgieva added, as quoted by Reuters.

According to a Bloomberg report, the IMF and the World Bank might call on the large G20 economies to extend a freeze in debt payments from the world's poorest countries that will expire at the end of 2020.


There might be some pressure on China to reschedule or waive some of its debts to poor countries.


"An added factor in the current wave of debt is the rapid growth of new official lenders, especially several of China's well-capitalized creditors. They've expanded their portfolios dramatically and are not fully participating in the debt rescheduling processes that were developed to soften previous waves of debt," World Bank Group President David Malpass said.

"Given the depth of the pandemic, I believe we need to move with urgency to provide a meaningful reduction in the stock of debt for countries in debt distress," Malpass said in a statement.

First Published on Oct 11, 2020 02:43 pm