ISLAMABAD: The World Bank Group and International Monetary Fund’s (IMF) spring meetings for 2023 began on Monday in the US capital to discuss “uncertainties and risks weighing heavily” on the global economy.
The week-long meetings will take place at the IMF and World Bank headquarters, with a particular focus on the impact of climate change, which is threatening lives and livelihoods worldwide.
Finance ministers and central bank governors from across the globe attend the meetings to renew their contacts with international financial leaders. Some also hold bilateral meetings with US Treasury and State Department officials.
Federal Secretary of Finance Hamid Yaqoob Sheikh has reached US, and he will attend the meetings flanked by other high-power delegations, while he was directed by the Supreme Court of Pakistan to represent a report today on the apex court’s orders over releasing Rs21 billion funds for Punjab elections.
Pakistan will be represented by the secretaries of finance and economic affairs and the State Bank governor at the meetings, as Finance Minister Ishaq Dar has opted not to attend.
An official statement outlining the issues that will be discussed at the meetings highlights that stubborn inflation, the cost-of-living crisis, and slower growth effects are hurting the poor and most vulnerable. “Record high debt is holding back developing countries, and the effects of climate change are threatening lives and livelihoods around the world,” the statement added.
Experts have called on the World Bank and the IMF to create a comprehensive plan for addressing the issues confronting the developing world. Last year’s devastating floods in Pakistan caused widespread damage and prompted international financial institutions to develop a new mechanism to “help communities on the receiving end of (climate change) catastrophes.”
A picture on the UN Foundation’s site demonstrates the severity of the floods, which resulted in significant loss of life and displacement of millions.
According to a World Bank report released after the floods, Pakistan urgently requires significant investments in climate resilience to secure its economy and reduce poverty.
As discussions continue at the IMF and World Bank meetings this week, the international community hopes to take concrete steps towards addressing the pressing issues of our time.
Read more: Cabinet decides to raise matter of election funds in Parliament
