The annual meetings of the International Monetary Fund (IMF) and the World Bank (WB) has begun here today at the southern Moroccan city of Marrakesh.
The global lenders traditionally hold their annual gathering of finance ministers and central bank governors outside their Washington headquarters every three years. This is the first meeting on African soil in 50 years.
A team from Bangladesh’s Finance Ministry and Bangladesh Bank (BB) has taken part at the annual meetings.
The team members included Bangladesh Bank Governor Abdur Rouf Talukder and Finance Division Secretary Dr Md Khairuzzaman Mozumder.
In a speech in Abidjan last week, IMF Managing Director Kristalina Georgieva said, “A prosperous world economy in the 21st century requires a prosperous Africa.”
In a symbolic move, the IMF and the World Bank are poised to give Africa a third seat on their executive boards, which Georgieva said we would give the continent a “stronger voice”.
The World Bank, however, is expected to confirm plans to boost lending by US$50bn over the next decade by changing balance sheets.
World Bank President Ajay Banga wants to go even further and raise capacity by $100bn or as much as $125bn through contributions from the advanced economies.
The lenders may use the meetings to reform their quota systems.
The quotas, which are based on a country’s economic performance, determine how much funding they should provide to the IMF, their voting power and the maximum amount of loans they can obtain.
Source: Bangladesh Sangbad Sangstha