Estonia to participate in annual IMF, World Bank meetings

World Bank headquarters in Washington, DC. (AgnosticPreachersKid/Wikimedia Commons)
10/7/2016 12:40 PM
Source: BNS
Category: Business

President of the Bank of Estonia Ardo Hansson and Minister of Finance Sven Sester will be attending the annual meetings of the International Monetary and Financial Committee (IMFC) of the International Monteray Fund (IMF) and the Development Committee of the World Bank in Washington on Oct. 7-9.

The main topics at these meetings will include the state of the global economy and possible ways to encourage economic growth at the global level, the Bank of Estonia said.

The IMF meeting will discuss the economic policy options for strengthening balanced growth and for spreading the benefits of growth to all people. As economies' performace continues to face several risks, various ways of ensuring the lending resources of the IMF and creating new credit lines are being considered so that countries can access exactly the type of loan or other support that they need most.

The primary topic for the annual meeting of the World Bank's Development Committee is the future of the World Bank. The vision for the bank is that it should be open to all clients, but that it gives preference to poorer countries. It is aiming for faster, more flexible and more efficient joint action in order to achieve its agreed-upon goals.

Estonia will be represented at the annual meetings by President Ardo Hansson and Vice-President Madis Müller of the Bank of Estonia as well as by Minister of Finance Sven Sester and Deputy Secretary General for Financial Policy and External Relations Märten Rss. Other experts from the ministry and Estonia's central bank will also be in attendance at the meetings.

During their Washington visit, the Estonian delegation will meet with Deputy Managing Director of the IMF Tao Zhang, IMF European Department Director Poul Mathias Thomsen as well as several other members of IMF staff to discuss key questions for the economies of Estonia and the euro area. They will also discuss assessments of regional development with IMF experts who head the teams responsible for assessing the economies of Estonia, Finland, Sweden and Russia.

The meetings of the IMF and the World Bank are held twice a year and bring together high-level delegations from countries all over the world to discuss key economic questions and coordinate global economic policy.

Editor: Aili Vahtla

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