An exterior view of the building of the International Monetary Fund (IMF), with the IMG logo, is seen on March 27, 2020 in Washington, DC. - The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief Kristalina Georgieva said on March 27, 2020. (Photo by Olivier DOULIERY / AFP) (Photo by OLIVIER DOULIERY/AFP via Getty Images)
Mr Wale Edun, the Minister of Finance and Coordinating Minister of Economy is leading the Nigeria’s delegation to the 2025 International Monetary Fund (IMF) Spring Meeting holding in Washington DC.
The meeting holding from April 21 to April 26 in the US capital is being attended by delegations from 190 countries.
In the Nigeria’s delegation are Chief Executive Officers of financial institutions, representatives of the private sector, Civil Society Organisations, Non-Governmental Organisations and other stakeholders.
The meeting aimed at promoting global macroeconomics financial stability, along IMF’s long-standing mission would provide policy advice, surveillance of member countries’ economies, and financial assistance to countries facing balance-of-payments issues.
The meetings will focus on building a better balanced and more resilient world economy that can better withstand economic shocks and promote sustainable development.
The specific activities of the meeting also include analysing the world economy, holding bilateral consultations with member countries, and providing support to countries navigating economic challenges.
It will also discuss the global economic outlook, global financial stability, and poverty eradication
At the meeting, the IMF is also expected to release its World Economic Outlook and Global Financial Stability Report.
The World Economic Outlook will provide analysis and projections of the global economy, the global financial stability report, assess the global financial system and highlight systemic issues.
The meetings will also discuss the need for reforms to the global financial architecture to support developing countries as well as poverty eradication and inclusive economic growth
Other key area of discussion at the meeting is how to address the economic impacts of climate change on the nations.
IMF and the World Bank are two intergovernmental organisations, often referred to as the Bretton Woods Institutions that were established in 1944 to rebuild the global economy after World War II.
While the IMF focuses on maintaining the stability of the international monetary system, the World Bank aims to reduce poverty and promote development in developing countries..
The IMF also acts like a financial policeman, ensuring the global financial system functions smoothly, while the World Bank is like a development banker, helping countries invest in their future
Specifically, the IMF conducts economic surveillance, both at the national and global levels to monitor the health of its 190 member countries.
The IMF provides loan to member-countries struggling with a balance of payments crisis and offers advice on how to improve the their financial regulations
The World Bank on its part, focuses on reducing poverty and promoting sustainable development in developing countries.
It lends money to developing countries for development projects, provides policy advice and technical assistance, and promotes knowledge sharing and innovation to help countries tackle development challenges. (NAN)
