## 2024 Annual Meetings - Address by the Chair of the Boards of Governors

_IMF News, October 25, 2024_

## Source details

**Canonical URL:** [2024 Annual Meetings - Address by the Chair of the Boards of Governors](https://www.imf.org/en/news/articles/2024/10/25/sp102524-annual-meetings-plenary-chairman)

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## Bibliographic details
- Published: October 25, 2024

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### Opening and framing
- 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:
  - Celebration of the 80th anniversary of the Bretton Woods Institutions.
  - Invocation of John W. Snyder’s warning: “We must not fail our governments and, above all, the hopeful people we represent.”
  - Chairing by a small state (the Maldives) highlighted as a sign of inclusivity.

### Global economic outlook
- Observations:
  - Despite tighter financial conditions and rising geopolitical tensions, the global economy is showing remarkable strength.
  - A soft landing is described as being within reach.
  - Inflation is moderating.
  - Uncertainty remains high, with ongoing conflicts and upheavals posing risks, particularly via higher commodity prices.

### Major challenges highlighted
- Climate change
  - Small countries like the Maldives are described as on the front lines of climate change.
  - Maldives target: 33% of its electricity from renewable sources by 2028.
  - Required investment to upgrade power infrastructure: around 1.3 billion dollars.
  - Donor pledges to date: 13% of required funds.
  - IMF and World Bank actions referenced:
    - IMF’s Resilience and Sustainability Fund.
    - World Bank’s climate finance: 42.6 billion dollars in fiscal year 2024.
  - Calls:
    - International financial institutions should provide easier and affordable climate finance for adaptation and mitigation on the principles of a just energy transition.
    - Need to mobilize private sector investments innovatively.

- Debt sustainability
  - Over two-thirds of emerging markets and developing economies are at high risk of debt distress.
  - The Global Sovereign Debt Roundtable has encouraged collaboration, but more action is needed.
  - Recommendations:
    - Debt sustainability analysis must better account for country context.
    - The ongoing review of the Debt Sustainability Framework for Low-Income Countries should consider the specific needs of SIDS.
    - IMF, World Bank, and MDBs should take bold steps to support countries in debt distress.
    - MDBs can create tools like debt-for-climate swaps (exchanging debt relief for climate adaptation investments).

- Structural reforms
  - Need to strengthen productive and state capacities of emerging and developing economies.
  - Bretton Woods Institutions should focus more on:
    - Job creation.
    - Equal opportunities.
    - Economic diversification.
    - The impact of refugee flows.
  - Emphasis that structural reforms must be socially acceptable and ensure benefits are widely shared.

### Institutional initiatives and resource issues
- Recent and ongoing institution-level actions:
  - Completion of the 16th General Review of Quotas.
  - IDA21 Replenishment.
  - Discussions on quota realignment and strengthening World Bank Group financing.
  - Review of the IMF’s Poverty Reduction and Growth Trust, Charges and Surcharge Policy.
- Governance and representation:
  - Importance of providing adequate access and representation to countries most in need of MDB support.
  - Call for evenhanded treatment across membership.
  - Welcome of Liechtenstein as the IMF’s hundred and ninety-first member earlier in the week.
  - Noted the addition of the 25th Chair at the IMF’s Executive Board for Sub-Saharan Africa.
  - Urged fellow Governors to champion gender diversity and equality.

### Multilateralism and concluding call to action
- 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.

*H.E. Ahmed Munawar, Governor of the Maldives Monetary Authority — October 25, 2024.*

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## References

- [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)

_Source: https://www.imf.org/en/news/articles/2024/10/25/sp102524-annual-meetings-plenary-chairman_