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IMF and World Bank Annual Meetings, Commonwealth Finance Ministers and Central Bank Governor’s Meeting

IMF and World Bank Annual Meetings, Commonwealth Finance Ministers and Central Bank Governor’s Meeting

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YB Minister of Finance II, Datuk Johari Abdul Ghani, led the Malaysian delegation to the IMF-World Bank Annual Meetings as well as the Commonwealth Finance Ministers and Central Bank Governors’ Meeting from 6 to 9 October 2016 in Washington D.C., United States of America.

The IMF and World Bank Meetings discussed and exchanged views, among others, on current issues affecting the global economy, the international financial system and progress of the global development agenda, including poverty reduction. The forum also highlighted the progress of the IMF and World Bank Group activities, including policies and programmes implemented in assisting member countries facing financial and development difficulties.

The International Monetary and Financial Committee (IMFC) meeting focused on the Fund’s role in safeguarding global financial stability, providing multilateral and bilateral policy advice and extending prompt financial support amidst the current global economic landscape. The meeting discussed the importance of quota and governance reforms towards a more equitable shareholding among its members over time. Meanwhile, the Development Committee (DC) meeting continued its discussion on global development issues that are critical towards eradicating extreme poverty and promoting shared prosperity. The Meeting also discussed strategies and action plans to overcome issues that may have a negative effect on global economic development, as well as the strategic direction of the World Bank Group towards achieving the 2030 Development Agenda. In addition, slowdown in global trade and the risk to anti-trade sentiment was also discussed during both meetings.

The 2016 Commonwealth Finance Ministers focused on factors affecting the current global economic landscape and financial stability. This included discussions on issues arising from the international response to the Panama Papers, as well as the need to enhance countries’ access to climate finance and new instruments to help countries manage climatic shocks. The Meeting also shared perspectives on the impact of the ‘Brexit’ and the challenges it poses to the global economy.

Apart from this, the Minister also participated in the ASEAN Finance Ministers and Governors’ meeting with the IMF Managing Director. The meeting discussed the impact of the slowdown in the global economy on ASEAN countries and collective measures that can be executed to mitigate the potential risks. The IMF Managing Director also shared on how the Fund could leverage its expertise in assisting the region. The Minister also met the international credit rating agencies, namely Fitch, S&P and Moody’s, to update on the current economic and financial developments in the country as well as steps taken to address the challenges.

Office of the Minister of Finance II

Putrajaya

10 October 2016

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