IMF Conference

Opening Remarks *

• Mohammed Al-Jadaan, Minister of Finance, Saudi Arabia
• Kristalina Georgieva, Managing Director, IMF

Keynote Diwan Ithlib Address: Charting a Path Through a Changing Global Economic Landscape

The keynote lecture will discuss the contours of the rapidly changing world economy, including changes to the international monetary system and global trade system, as well as other accelerating structural shifts—for example, geopolitical and geoeconomic fragmentation and realignment, rapid technological innovation, and population aging—that are potentially of greatest relevance and importance for AEs and EMEs.

Keynote lecturers:

• Lan Fo'an, Minister of Finance, People’s Republic of China
• Andrew Bailey, Governor, Bank of England

Emerging Market Economies in the Changing World Economy

[Paper] Resetting Global Trade

The session will discuss the recent trade tensions and their implications for EMEs, as well as the risks and opportunities for EMEs arising from the shifting trade landscape and geopolitical fragmentation. Questions include: What are the risks to growth and welfare in emerging market economies from lower and more polarized global trade and investment? What opportunities do recent changes present to emerging market economies to realign trade and investment relations (e.g., through deeper intraregional integration) to bolster resilience and long-term potential? How should emerging market economies manage the challenges of changing trade policies, technological and supply chain protectionism, and the growing trade in services? Is the export-based model for growth still viable for emerging markets? What role do geography and geopolitics play in determining the winners and losers?

Moderator:

• Pierre-Olivier Gourinchas, Economic Counsellor and Director, Research Department, IMF

Author:

• Pol Antràs, Robert G. Ory Professor of Economics, Harvard University

Discussants:

• Faisal F. Alibrahim, Minister of Economy and Planning, Saudi Arabia
• Édgar Amador Zamora, Minister of Finance and Public Credit, Mexico
• Sergii Marchenko, Minister of Finance, Ukraine

General discussion

[Panel] Implications of Global Uncertainty for the International Monetary and Financial Systems

The panel will cover implications of global uncertainty for the international monetary and financial system, including in terms of regulatory developments, capital flow volatility, and the global financial safety net.

Moderator:

• Tobias Adrian, Financial Counsellor and Director, Monetary and Capital Markets Department, IMF

Panelists:

• Ayman Al-Sayari, Governor, Saudi Central Bank
• Pablo Hernández de Cos, General Manager, BIS
• Jameel Ahmad, Governor, State Bank of Pakistan

General discussion

Policy Calibration in the Changing World Economy

[Paper] Monetary Policy Amid Structural Transformations in the World Economy

The session will discuss how ongoing structural transformations in the world economy (including potential changes in the international monetary system amid shifting trade and capital flow patterns) affect monetary policy making in EMEs. Questions include: How should monetary policy in emerging market economies respond to recent trade shocks? What are the implications of higher uncertainty for monetary policy and transmission? What are the roles for foreign exchange intervention and capital flow management, alongside conventional instruments? Are emerging market monetary policy strategies and frameworks still effective in the current environment of complex trade-offs? How serious is the risk of financial dominance where the central bank’s pursuit of its price stability goal becomes impeded by concerns about financial risks? Have spillovers from monetary policies in advanced economies to emerging market economies (and vice versa) changed over time?

Moderator:

• Alejandro Werner, Georgetown Americas Institute, Georgetown University

Author:

• Kristin J. Forbes, Professor, MIT

Discussants:

• Olayemi Cardoso, Governor, Central Bank of Nigeria
• Adam Glapiński, President, National Bank of Poland
• Hassan Abdalla, Governor, Central Bank of Egypt

General discussion

[Paper] Fiscal Policy in a Shock-Prone World

The session will discuss how to conduct fiscal policy in a shock-prone world. It will provide a stocktaking of how fiscal policymakers in EMEs have responded to recent shocks that have significantly raised the uncertainty over the future of the world economy. Questions include: How should fiscal policymakers in emerging market economies balance their large spending needs with the need to rebuild fiscal buffers? Do larger and higher frequency shocks risk increasing the procyclicality of fiscal policy in emerging market economies? What is the role for fiscal frameworks in enhancing resilience to shocks in emerging market economies?

Moderator:

• Indermit Gill, Chief Economist, World Bank Group

Author:

• Antonio Fatás, Professor, INSEAD

Discussants:

• Mohammed Al-Jadaan, Minister of Finance, Saudi Arabia
• Muhammad Aurangzeb, Minister of Finance, Pakistan

General discussion

[Panel] Private Sector-led Growth in EMEs: The Role of the State

The session will discuss private sector development in EMEs, including the impact of the increasing role of the state and higher public debt for mobilizing domestic and international private investment—at times of limited fiscal space in many EMEs—and raising productivity. It will also cover potential spillovers to EMEs from deregulation in advanced economies. It will discuss the impact on private sector development of industrial policies and protectionist measures. Special attention will be given to how AI and technological innovations are reshaping private sector investment dynamics, productivity gains, and the policy tools available to EMEs to leverage AI.

Moderator:

• Jihad Azour, Director, Middle East and Central Asia Department, IMF

Panelists:

• Anna Bjerde, Managing Director of Operations, World Bank
• John Mbadi, Cabinet Secretary for the National Treasury and Economic Planning, Kenya (TBC)
• Federico Sturzenegger, Minister of Deregulation and State Transformation, Argentina

General discussion

[Closing Panel] A Path for Emerging Markets’ Resilience and Economic Transformation *

The session will discuss how macroeconomic and financial policies and structural reforms should be designed to build resilience and lift growth in a global economy that is undergoing profound changes and where EMEs appear exposed to new, and possibly more frequent, shocks.

Moderator:

• Gillian Tett, Member of the Editorial Board, Financial Times

Panelists:

• Kristalina Georgieva, Managing Director, IMF
• Ali bin Ahmed Al Kuwari, Minister of Finance, Qatar
• Sariha Moya, Minister of Economy and Finance, Ecuador
• Mehmet Şimşek, Minister of Finance, Türkiye

Closing Fireside Chat on Key Takeaways and Next Steps *

Moderator:

• Becky Anderson, Managing Editor and Host of “Connect the World”, CNN

Speakers:

• Mohammed Al-Jadaan, Minister of Finance, Saudi Arabia
• Kristalina Georgieva, Managing Director, IMF