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Afghan Finance Minister heads for Washington for IMF-WB spring meeting

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Afghan Finance Minister heads for Washington for IMF-WB spring meeting

Minister ZakhilwalFinance Minister Hazrat Omar Zakhilwal left for Washington on Monday to attend the spring meeting of the World Bank (WB) and the International Monetary Fund (IMF).

Leading a high level delegation, Minister Zakhilwal will attend the plenary session of the Development Committee Dialogue (DCD) and International Monetary and Finance Committee (IMFC).

The Development Committee (DC) is a ministerial-level forum of the World Bank Group and the International Monetary Fund for intergovernmental consensus-building on development issues. Known formally as the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries, the Committee was established in 1974.

The IMFC is responsible for advising, and reporting to, the IMF Board of Governors as it manages and shapes the international monetary and financial system. The IMFC also monitors developments in global liquidity and the transfer of resources to developing countries; considers proposals by the Executive Board to amend the Articles of Agreement; and deals with unfolding events that may disrupt the global monetary and financial system.

On the sidelines of the meetings, Zakhiwal will be meeting with high level development partners including the leaderships of the World Bank Group and the International Monetary Fund (IMF), United Kingdom’s Secretary for International Development, the United State Treasury and USAID, the statement said.

“Discussions in these meetings will be to further enhance the development partnership and on assistance from donor countries to Afghanistan. Minister of Finance will also be meeting finance ministers of neighboring Pakistan and Iran on issues of mutual interest,” it added.

Thousands of government officials, journalists, civil society organizations, and invited participants from the academia and private sectors will gather for meetings of the joint World Bank-IMF Development Committee and the IMF’s International Monetary and Financial Committee, which discuss progress on the work of theWorld Bank and the IMF.

Also to feature are seminars, regional briefings, press conferences, and many other events focused on the global economy, international development, and the world’s financial markets.

Part of such side event is an interactive debate that will take place on the eve of Spring Meetings and it will bring together world leaders, opinion makers, and a global online audience to discuss what it takes to end poverty in the world.

This interactive conversation on ending poverty is co-organized by the World Bank Group President, Jim Yong Kim, and United Nations Secretary-General, Ban Ki-moon.

The Boards of Governors of the World Bank Group (Bank) and the Boards of Governors of the International Monetary Fund (IMF) normally meet once a year to discuss the work of their respective institutions. The Annual Meetings, which generally take place in September/October, have customarily been held in Washington for two consecutive years and in another member country in the third year.

The Annual Meetings occur ahead of the meetings of the International Monetary and Financial Committee, the Development Committee, the Group of Ten, the Group of Twenty-Four, and various other groups of members.

At the conclusion of their meetings, the International Monetary and Financial Committee and the Development Committee, as well as several other groups, issue communiqués.

The Annual Meetings will include a day of plenary sessions, during which Governors take up matters of business and consult with one another. At the Annual Meetings, the Boards of Governors make decisions on how current international monetary issues should be addressed and approve corresponding resolutions.

The Annual Meetings are chaired by a Governor of the Bank and the IMF, with the chairmanship rotating among the membership each year. Every two years it elects Executive Directors. Each year, any new members are welcomed into the IMF and the Bank.

The Annual Meetings Program of Seminars is designed to foster creative dialogue among the private sector, government delegates and senior IMF and Bank officials.

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