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Addressing Urgent Global Economic Issues
Turkey will host the 2009 Annual Meetings amid growing hopes for global economic recovery
Addressing Urgent Global Economic Issues
  • By matthew
  • October 15, 2009, 16:17
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The IMF Annual Meetings have been held around the world to deal with major economic and financial issues facing the world. This year, Intanbul, Turkey will host the 2009 Annual Meetings of the Board of Governors of the World Bank Group and the IMF for two days from October 6 and 7, 2009 with people from around the world. The meeting will involve governors and their alternates, members of their delegation, observers from other intergovernmental organizations, representatives from financial institutions and bodies, such as the Financial Stability Board, and various visitors, journalists, and representatives of civil society organizations.

Major policy issues on the future activities of the two institutions are decided during the Annual Meetings. Afterwards, the Executive Boards implement these policy issues. Usually, finance ministers, central bank governors or ministers of development sit on the Board of Governors. Meetings of the International Monetary and Financial Committee (IMFC), the advisory body of the IMF, the Development Committee, a forum of the World Bank and the IMF areto be held before the Annual Meetings. The IMFC is the advisory body of the IMF while the Development Committee serves as a forum of the World and IMF. In particular, the Development Committee promotes consultation and consensus-building regarding development issues. Normally the headquarters of the IMF and the World Bank in Washington, D.C. serve as a venue for the Annual Meetings for two years in a row. A member country hosts the Annual Meetings the third year.

Prague of the Czech Republic hosted the Annual Meetings in 2000. The torch was passed to Dubai in 2003 before heading to Singapore in 2006. By hosting the 2009 Annual Meetings, Turkey will go down in history as the only country to host the Annual Meetings twice as the nation hosted the Annual Meetings for the first time in 1955.

This year’s Annual Meetings is expected to attract approximately 13,000 people amidst a clear sign of a recovery in the world economy. The Turkish government will join forces with the World Bank and IMF to host the prestigious meetings successfully and attract a wide array of stakeholders to events related to the annual gathering.

In addition to advising the IMF’s Board of Governors, the International Monetary and Financial Committee will confer about the outlook for the world economy, financial market trends and other crucial issues. The Boards of Governors of the Bank and Fund will receive advice from the Development Committee on significant development issues as well as the financial resources required to promote economic development in developing nations.

At the conclusion of each of these meetings, communiques will be released, followed by a press conference. After these meetings, officials from the host government, heads of institutions and the Governors of the Bank and Fund will deliver an address in a plenary session.

Various country groups will be able to have meetings such as the Group of Twenty (G20), the Group of Seven (G7) and the Intergovernmental Group of Twenty Four (G-24) before the start of the Annual Meetings. From October 3 through 5, participants will take part in a variety of seminars in order to discuss current issues surrounding the world economy and financial stability.

Private sector executives from around the world, high-level policymakers and other leaders in the international development and financial fields will take part in such seminars to talk about how to strengthen cooperation in the global economy. A Civil Society Policy Forum will be a valuable opportunity for Bank and Fund staff, civil society representatives, government officials, and others to exchange opinions regarding key issues to be addressed during the Annual Meetings. Organizers of the forum are the IMF, the World Bank, and civil society organizations.