IMF and World Bank 2013 Spring Meetings
Bern, 18.04.2013 - At the 2013 Spring Meetings of the International Monetary Fund (IMF) and the World Bank, the ministerial steering committee of the IMF will consider the state of the global economy and measures to prompt its recovery and boost its resilience. The main topic for the Development Committee is the adoption of the new vision for the World Bank Group. In the run-up to the meetings, there will be a meeting of the G20 finance ministers and central bank governors, to which Switzerland has also been invited.
Federal Councillor Eveline Widmer-Schlumpf as Head of the Swiss delegation, Federal Councillor Johann Schneider-Ammann and Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank (SNB), will take part in the joint Spring Meetings of the International Monetary Fund and the World Bank Group in Washington from 19 to 20 April 2013.
While the global economic outlook has improved slightly according to the forecasts of the IMF, the road to recovery is likely to be bumpy for the advanced economies in particular. Thanks to measures like those adopted in the eurozone, the markets are more bullish at the moment. Growth is picking up primarily in the emerging market economies, and the IMF sees substantial growth potential for dynamic developing countries. Consequently, the IMF believes that the risks are somewhat more balanced again, at least for the short term. However, the danger of a flagging impetus for reform should not be underestimated. The medium-term risks are also unchanged, at least so long as there are no sustainable consolidation plans for the general government finances of the United States and Japan, and so long as there is uncertainty surrounding any departure from unconventional monetary policy.
The priority policy areas to be addressed by the IMF's International Monetary and Financial Committee (IMFC) are reforms of the international financial system, high deficits and debt, growth and unemployment, as well as global imbalances. During the discussions, Switzerland will once again underscore that decisive implementation of the listed reforms is important for repairing the financial system. It will also point out that there are no alternatives to the consistent consolidation of general government finances and the reduction of excessive debt. Switzerland considers that the key to the promotion of growth and employment lies in structural reforms in particular. Finally, the discussion on global imbalances is to be conducted in a differentiated manner.
World Bank: action to combat extreme poverty and secure widespread prosperity
Nine months after the new President Jim Yong Kim took up office, a new vision for the World Bank Group was submitted to the Development Committee of the World Bank Group for approval. In this vision, the World Bank Group sets itself the goal of eradicating extreme poverty worldwide: by 2030, the portion of the population which has to get by with less than USD 1.25 per day should not exceed 3%. At the same time, shared prosperity should be created in society. The World Bank wants to pay particular attention to the income growth of the bottom 40% of the population in all developing and transition countries. Based on this vision, a comprehensive strategy for the entire World Bank Group is to be drawn up by the Annual Meeting in October 2013.
Meeting of the G20 finance ministers and central bank governors
In the run-up to the Spring Meetings, a meeting of the G20 finance ministers and central bank governors will take place. Switzerland will once again take part at the invitation of the Russian G20 presidency. A pivotal item on the agenda is the measures required to overcome the crisis and to promote factors which support sustained growth. What is important in Switzerland's view is a further strong commitment on the part of the G20 to the principle of fiscal discipline.
For the meeting, a progress report from the Global Forum on Transparency and Information Exchange for Tax Purposes will be submitted. Switzerland welcomes this report. It will show that Switzerland has undertaken to comply with the globally applicable standards and is currently putting them into practice. It will also show that the Federal Council has introduced solutions for all of the issues criticised by the Global Forum.
As always, the event will provide the opportunity for bilateral meetings.
Address for enquiries
Mario Tuor, Head of Communications, State Secretariat for International Financial Matters, tel. +41 31 322 46 16
Nicole Müller, Communications, Economic Cooperation and Development, State Secretariat for Economic Affairs, tel. +41 31 324 09 10
Olivier Bürki, Head of the Global Institutions Division, Swiss Agency for Development and Cooperation, tel. +41 31 322 86 09
Publisher
The Federal Council
https://www.admin.ch/gov/en/start.html
Federal Department of Finance
https://www.efd.admin.ch/efd/en/home.html
Federal Department of Foreign Affairs
https://www.eda.admin.ch/eda/en/home.html
Federal Department of Economic Affairs, Education and Research
http://www.wbf.admin.ch
