IMF-WB, tariffs in focus - Talks on trade measures will dominate meetings between the parties
Hundreds of global finance leaders will gather in Washington this week, each with a single mission and one question in mind: Who can I talk to about striking a trade deal?
The semi-annual meetings of the International Monetary Fund and the World Bank Group are packed with high-level multilateral policy talks, but also one-on-one meetings between finance ministers, aimed at brokering deals on things like project financing, foreign investment in the country and, for the poorest economies, debt relief.
This year, instead of coordinating policies on climate change, inflation, and financial support for the war in Ukraine, one issue will dominate: tariffs.
More specifically, how to get out of, or at least minimize, the pain of the barrage of high import tariffs that the Trump administration has imposed. And the focus may be largely on one man, the new US Treasury Secretary, Scott Bessent, who is Trump's chief negotiator on tariff deals and whose support for the IMF and the World Bank remains a question mark.
IMF Managing Director Kristalina Georgieva said last week that the World Economic Outlook growth projections would include "notable slowdowns, but not recessions," largely due to uncertainty "beyond expectations" and market volatility caused by tariff turmoil.
Although Georgieva said the world's real economy continues to perform well, she warned that increasingly negative perceptions about trade unrest and concerns about recession could slow economic activity.
The IMF and World Bank meetings, along with a side meeting of Group of 20 finance leaders, have proven crucial forums for coordinating strong policy action in times of crisis, such as the COVID-19 pandemic and the 2008-2009 global financial crisis.
This time, with trade ministers in the lead, delegations will aim to support their own economies first, policy experts say.
World Bank President Ajay Banga said last week that he had had constructive discussions with the Trump administration, but did not know whether the country would finance the US$4 billion contribution to the bank's fund for the world's poorest countries, promised last year by the administration of former President Joe Biden.
Banga is also expected this week to expand the bank's focus on financing energy primarily from renewable sources, including nuclear and more gas projects, a mix that aligns more closely with Trump's priorities.
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