The World Bank Group and International Monetary Fund (IMF) are starting their 2023 spring meetings in Washington DC on Monday to discuss the uncertainties and risks affecting the global economy.
These meetings will also focus on the impact of climate change on people’s lives and livelihoods worldwide. Finance ministers and central bank governors from around the world will attend, using this opportunity to reconnect with international financial leaders and some will also hold bilateral meetings with US Treasury and State Department officials.
Pakistan’s finance and economic affairs secretaries, and the State Bank governor will represent the country at the meetings, as their Finance Minister decided not to attend.
The issues of stubborn inflation, the cost-of-living crisis, slower growth, and record high debt affecting developing countries will be discussed, along with the need for a comprehensive plan to address these challenges.
The devastating floods that occurred in Pakistan last year due to climate change have prompted international financial institutions to develop a new mechanism to assist communities affected by these disasters. A World Bank report highlighted the need for significant investments in climate resilience to secure Pakistan’s economy and reduce poverty.