{
  "title": "2024 Annual Meetings - Address by the Chair of the Boards of Governors",
  "publication": "IMF News, October 25, 2024",
  "sourceUrl": "https://www.imf.org/en/news/articles/2024/10/25/sp102524-annual-meetings-plenary-chairman",
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  "summary": "2024 Annual Meetings - Address by the Chair of the Boards of Governors",
  "publishDate": "2024-10-25",
  "sections": [
    {
      "heading": "Opening and framing",
      "content": "- Speaker: H.E. Ahmed Munawar, Governor of the Maldives Monetary Authority.\n- Event: 2024 Plenary of the Boards of Governors of the International Monetary Fund and the World Bank Group.\n- Date: October 25, 2024.\n- Key framing points:\n  - Celebration of the 80th anniversary of the Bretton Woods Institutions.\n  - Invocation of John W. Snyder’s warning: “We must not fail our governments and, above all, the hopeful people we represent.”\n  - Chairing by a small state (the Maldives) highlighted as a sign of inclusivity."
    },
    {
      "heading": "Global economic outlook",
      "content": "- Observations:\n  - Despite tighter financial conditions and rising geopolitical tensions, the global economy is showing remarkable strength.\n  - A soft landing is described as being within reach.\n  - Inflation is moderating.\n  - Uncertainty remains high, with ongoing conflicts and upheavals posing risks, particularly via higher commodity prices."
    },
    {
      "heading": "Major challenges highlighted",
      "content": "- Climate change\n  - Small countries like the Maldives are described as on the front lines of climate change.\n  - Maldives target: 33% of its electricity from renewable sources by 2028.\n  - Required investment to upgrade power infrastructure: around 1.3 billion dollars.\n  - Donor pledges to date: 13% of required funds.\n  - IMF and World Bank actions referenced:\n    - IMF’s Resilience and Sustainability Fund.\n    - World Bank’s climate finance: 42.6 billion dollars in fiscal year 2024.\n  - Calls:\n    - International financial institutions should provide easier and affordable climate finance for adaptation and mitigation on the principles of a just energy transition.\n    - Need to mobilize private sector investments innovatively.\n\n- Debt sustainability\n  - Over two-thirds of emerging markets and developing economies are at high risk of debt distress.\n  - The Global Sovereign Debt Roundtable has encouraged collaboration, but more action is needed.\n  - Recommendations:\n    - Debt sustainability analysis must better account for country context.\n    - The ongoing review of the Debt Sustainability Framework for Low-Income Countries should consider the specific needs of SIDS.\n    - IMF, World Bank, and MDBs should take bold steps to support countries in debt distress.\n    - MDBs can create tools like debt-for-climate swaps (exchanging debt relief for climate adaptation investments).\n\n- Structural reforms\n  - Need to strengthen productive and state capacities of emerging and developing economies.\n  - Bretton Woods Institutions should focus more on:\n    - Job creation.\n    - Equal opportunities.\n    - Economic diversification.\n    - The impact of refugee flows.\n  - Emphasis that structural reforms must be socially acceptable and ensure benefits are widely shared."
    },
    {
      "heading": "Institutional initiatives and resource issues",
      "content": "- Recent and ongoing institution-level actions:\n  - Completion of the 16th General Review of Quotas.\n  - IDA21 Replenishment.\n  - Discussions on quota realignment and strengthening World Bank Group financing.\n  - Review of the IMF’s Poverty Reduction and Growth Trust, Charges and Surcharge Policy.\n- Governance and representation:\n  - Importance of providing adequate access and representation to countries most in need of MDB support.\n  - Call for evenhanded treatment across membership.\n  - Welcome of Liechtenstein as the IMF’s hundred and ninety-first member earlier in the week.\n  - Noted the addition of the 25th Chair at the IMF’s Executive Board for Sub-Saharan Africa.\n  - Urged fellow Governors to champion gender diversity and equality."
    },
    {
      "heading": "Multilateralism and concluding call to action",
      "content": "- Central theme: the critical need for multilateral cooperation; “collective action is the antidote to an increasingly fragmented world.”\n- The 80th anniversary is presented as a moment to reflect on achievements and plan for a better future together.\n- Final admonition: Bretton Woods Institutions should tailor advice and activities to meet the specific needs and capacities of each member; failure to do so equals failing the people the institutions represent.\n- Closing commitment: reaffirmation of commitment to macroeconomic stability, prosperity, and cooperation.\n\nH.E. Ahmed Munawar, Governor of the Maldives Monetary Authority — October 25, 2024.\n\n---\n\n\n References\n\n- How To Do Better: Speech by IMF Managing Director Kristalina Georgieva at the 2024 Annual Meetings Plenary\n- Maldives and the IMF\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2024/10/25/sp102524-annual-meetings-plenary-chairman"
    }
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    "Published: October 25, 2024",
    "Speaker: H.E. Ahmed Munawar, Governor of the Maldives Monetary Authority.",
    "Event: 2024 Plenary of the Boards of Governors of the International Monetary Fund and the World Bank Group.",
    "Date: October 25, 2024.",
    "Key framing points:",
    "Observations:",
    "Climate change",
    "Debt sustainability",
    "Structural reforms",
    "Recent and ongoing institution-level actions:",
    "Governance and representation:",
    "Central theme: the critical need for multilateral cooperation; “collective action is the antidote to an increasingly fragmented world.”",
    "The 80th anniversary is presented as a moment to reflect on achievements and plan for a better future together.",
    "Final admonition: Bretton Woods Institutions should tailor advice and activities to meet the specific needs and capacities of each member; failure to do so equals failing the people the institutions represent.",
    "Closing commitment: reaffirmation of commitment to macroeconomic stability, prosperity, and cooperation.",
    "[How To Do Better: Speech by IMF Managing Director Kristalina Georgieva at the 2024 Annual Meetings Plenary](https://www.imf.org/en/News/Articles/2024/10/25/sp102524-annual-meetings-plenary)",
    "[Maldives and the IMF](http://www.imf.org/external/country/MDV/index.htm)",
    "[Speeches](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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