The World Bank Group and the International Monetary Fund (IMF) have shifted their Annual Meetings scheduled for Marrakesh, Morocco, in October 2021 to 2022 due to the COVID-19 pandemic.
The IMF stated on Thursday that the decision to postpone the Annual Meetings was reached after consultations between the two Breton Woods Institutions and the host country – Morocco.
The Annual Meetings are held for two consecutive years at the World Bank Group and IMF headquarters in Washington, D.C after which the third year meetings will be held in a member country.
The meetings bring together central bankers, ministers of finance and development finance experts, private sector executives, civil society organizations , the media and scholars to discuss matters relating to world’s economic outlook, global financial stability, poverty eradication, inclusive economic growth and job creation, climate change, and others.
The International Monetary Fund (IMF), which was established in 1945 and currently has 190 member-countries, is working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
Similarly, the World Bank Group, which comprises five development-focused institutions namely, the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA); and the International Centre for Settlement of Investment Disputes (ICSID), is also playing significant roles in the global effort to address poverty and boost shared prosperity.
The World Bank is owned by 180 member countries and has been working together with the IMF to offer financial, advisory, and other supports to their member-countries to enable them address the most urgent challenges of development.