IMF and World Bank Group Announce Joint Bretton Woods at 80 Initiative

WASHINGTON: In recognition of the 80th anniversary of the United Nations Monetary and Financial Conference (the “Bretton Woods Conference”), the International Monetary Fund and the World Bank Group today announced the launch of a consultation tasked with developing a long-term view on the future of the world economy, international cooperation, and the roles of the Bank and the Fund.

The Bank and the Fund are pleased to announce the formation of a group of external advisors to help guide the exercise, comprising Sri Mulyani Indrawati, Minister of Finance of Indonesia; Patrick Achi, former Prime Minister of Côte d’Ivoire; and Mark Malloch Brown, former Deputy Secretary-General of the UN. Working closely with Ajay Banga, President of the World Bank Group, and Kristalina Georgieva, Managing Director of the IMF, the advisors will lead a discussion with global stakeholders on the shape of the world economy 20‒30 years from now, on how multilateralism may evolve, and, crucially, on how the Bank and the Fund can best support stability and progress on a livable planet.

IMF Managing Director Kristalina Georgieva said: “As the IMF seeks to serve the evolving needs of our global membership and to deliver, efficiently and effectively, on our three principal tasks—economic policy advice, lending, and capacity development—we recognize the importance of a longer-term perspective. This process will help us better understand possible futures and plan for them.”

World Bank Group President Ajay Banga noted: “For 80 years, the World Bank has worked to improve lives and make the world a better place. This anniversary is an opportunity not only to reflect, but more importantly to look to the future and make ourselves ready for the challenges beyond the horizon. The world needs the Bank, and the next 50 years will demand even more from this institution than were required during the preceding 80 years to realize a world free of poverty on a livable planet.”