Eesti Pank and the Ministry of Finance will attend the meetings of the International Monetary and Financial Committee (IMFC) of the International Monetary Fund (IMF) and the Development Committee of the World Bank on 13–15 October in Washington.
The main topic of the meetings will be how to support faster economic growth around the world, and how the resulting favourable circumstances can be used to promote reforms and create buffers to strengthen the long-term resilience of countries.
The meeting, this time with the International Monetary Fund, will agree upon economic policy steps to promote economic growth and productivity. There will also be discussion of how the benefits from that growth and from technological development can be brought to as many people as possible. Emphasis will be placed at the meetings on making international cooperation more effective.
The World Bank meeting will primarily discuss the long-term future vision of the World Bank Group out to 2030. The focus will be on increasing security around the world, reacting to crises, the involvement of the private sector, and increasing climate investment. There will also be discussion of whether the financial power of the World Bank Group is sufficient for it to meet its targets.
Because Estonia currently holds the Presidency of the Council of the European Union, Estonia will – for the first time since it regained its independence – have the right to represent the Nordic and Baltic constituency at the IMF. The Governor of Eesti Pank, Ardo Hansson, will speak on behalf of the constituency in the meeting of the International Monetary and Financial Committee of the IMF. Ardo Hansson will also attend meetings of the fund that Estonian representatives normally do not have the right to attend.
The Estonian Minister for Finance, Toomas Tõniste, will represent the European Union at the meeting of the G20. He will present the usual written speech to the meeting on behalf of the European Union describing the European vision for economic development in the world and in Europe, reviewing the economic policy steps taken by the European Union to promote growth, and giving its position on making the operation of the IMF more effective.
Estonia will be represented in the Annual Meetings by the Governor of Eesti Pank and the Deputy Governor Madis Müller, the Vice Chancellor of the Estonian Ministry of Finance, Märten Ross, and experts from the central bank and the Ministry of Finance.
During the visit they will meet specialists from the IMF to discuss economic developments in Estonia and the euro area. Meetings are also planned with the head of mission for Sweden, with the US Department of the Treasury, and with staff from the Federal Reserve and the World Bank.
The meetings of the IMF and the World Bank are held twice a year and bring together high-level delegations from all the countries of the world to discuss key economic and financial questions and global economic policy.
More detailed information about the annual meetings is available on the IMF webpage.