Every fall, Governors of the World Bank Group and the IMF meet to discuss progress on the work of the two institutions. The joint World Bank-IMF Development Committee and the International Monetary and Financial Committee are also convened.
This year’s meetings will focus on the impact of the financial crisis and the ensuing global recession on developing countries, as well as solutions to help countries hit hard by the downturns in capital flows, trade, remittances, and tourism.
Governors are expected to discuss the Bank’s financial capacity as it continues to meet the demand from countries coping with the crisis. In fiscal year 2009, the Bank Group committed nearly $60 billion to help developing countries, which marked a 54 percent increase over the previous year and was a record high.
Other issues on the agenda include the impact of climate change on developing countries and the World Bank's role, against the backdrop of the upcoming climate change negotiations in Copenhagen. Climate change complicates efforts to reduce poverty in developing countries, but a “climate smart” world is possible if we act now, act together, and act differently, according to the latest World Development Report.
Governors are expected to reflect on the results of IDA15 to date. The International Development Association (IDA) is part of the World Bank that provides grants and no-interest loans to the poor countries. A mid-term review of IDA15 gets underway in November.
Governors are also expected to continue discussion on enhancing voice and participation of all developing countries in the World Bank’s work.
The meetings also feature the Program of Seminars, which is a forum for private sector, governments, civil society, the World Bank and the IMF to engage in dialogue on finding solutions to challenges facing the international community. This year’s sessions focus on the global crisis, policy responses impact on global poverty, emerging Europe and Central Asia, and the future of the international financial system.