Eesti Pank and the Ministry of Finance will attend the meetings of the International Monetary and Financial Committee (IMFC) of the International Monetary Fund (IMF) and the Development Committee of the World Bank on 11–17 October in hybrid form. The focus of the meetings will be on promoting cooperation between member states to get the pandemic under control and support the global economic recovery.
Countries are recovering very differently from the virus, as the stronger advanced economies are growing faster after the crisis than poorer countries are. This has been because of the differences in access to vaccines and differences in the capacity of countries to use fiscal measures to stimulate economies. Decision-makers at the meetings of the International Monetary Fund will face a raft of new and additional monetary and fiscal policy issues. Exiting the crisis and reducing the long-term harm caused by it require countries to apply accurately targeted policy measures and to rebuild the financial buffers that were reduced or exhausted by the crisis. A global virus pandemic requires joint efforts from countries to reduce the risk to the global economy and to strengthen the long-term resilience of countries, while also addressing the consequences for the climate. This is leading states to research how the SDRs distributed in the summer can be used so that they support shortcomings in development in poorer countries.
The work of the IMF as the organisation that is responsible for the stability of the international monetary system is being affected by the steps taken in the public and private sectors towards introducing digital currency. This requires the IMF to review its earlier working processes. Member states of the IMF can make proposals at the annual meeting for changes that they consider necessary.
The discussions at the meetings of the World Bank will focus mainly on how the bank can help emerging economies become more resilient to various crises, and more environmentally sustainable and inclusive, and how advanced economies can further their economies by better planning and directing their financial resources and tax revenues.
Deputy Governor of Eesti Pank Ülo Kaasik and Vice Chancellor of the Ministry of Finance Märten Ross are attending the annual meetings virtually, together with experts from the central bank and the ministry. The public events and press conferences of the annual meetings will be held virtually.
The meetings of the IMF and the World Bank are held twice a year and bring together high-level delegations from all the countries of the world to discuss key economic and financial questions and coordinate global economic policy.