Journal Issue

Annual Meetings 2002: Top officials to gather amid worries about global recovery, financial crises

International Monetary Fund. External Relations Dept.
Published Date:
January 2002
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The IMFC, which will be chaired by Gordon Brown, the U.K. Chancellor of the Exchequer, is expected to discuss the global economic situation and the policies needed to address current risks and vulnerabilities and to strengthen global growth. IMF Managing Director Horst Köhler will make introductory remarks, most likely on the economic policy challenges faced by the IMF’s membership and progress in the IMF’s efforts to strengthen the international financial system and increase the effectiveness of the IMF’s work—drawing on a report to the IMFC.

The committee will also receive reports on the IMF’s role in low-income countries, its efforts to combat money laundering and the financing of terrorism, the Twelfth General Review of IMF quotas, and progress with efforts to streamline conditionality in IMF programs to enhance country ownership. It will also hear from the recently created Independent Evaluation Office—which is expected soon to release its first study, on prolonged borrowings by IMF member countries. A press conference by Brown and Köhler will follow the IMFC meeting.

Immediately afterward, the Development Committee, chaired by Trevor Manuel, South Africa’s Finance Minister, will convene. It is expected to focus on progress toward achieving the Millennium Development Goals—including halving world poverty by 2015—and on implementing the IMF–World Bank Heavily Indebted Poor Countries Initiative, aimed at reducing the debt burdens of the poorest countries, most of which are in Africa. It will also receive joint IMF–World Bank progress reports on poverty reduction strategy papers and efforts to combat money laundering and terrorist financing.

A number of other groups will gather ahead of the Annual Meetings, including the ministers of the Group of 24 developing countries on September 27, followed by the ministers and central bank governors of the Group of 10 industrial countries. On September 29, E. Gerald Corrigan—Managing Director of the Goldman Sachs Group, Inc., and former president of the Federal Reserve Bank of New York—will deliver the Per Jacobsson Foundation lecture, “The Boom-Bust High-Tech Cycle: Lessons Learned.”

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