The IMF is still optimistic in its semi-annual growth outlook. However, the global economic recovery is exposed to significant risks. Against this backdrop, the IMF is suggesting tackling necessary fundamental structural reforms and thus improving the conditions for future growth. The review of quotas is another focus area.
In the IMF Steering Committee, Federal Councillor Ueli Maurer will, among other things, welcome the proposed structural reforms, call for caution regarding the increase in financial system risks and stress the importance of establishing buffers in government finances. Switzerland has been a member of the IMF and World Bank for 25 years and leads a group of countries that shares a joint voting right in each body.
The key topics up for discussion by the World Bank Group include the implementation of the World Bank's strategy within the framework of the 2030 Agenda for Sustainable Development, adjustments as part of the voting power review, the private sector's role in development financing, as well as a possible capital increase. Federal Councillor Johann N. Schneider-Ammann will sign a programme aimed at boosting cities' resilience to climate-related risks with the World Bank Group.
Further events will take place on the fringes of the meetings, particularly a meeting of G20 finance ministers and central bank governors, to which Federal Councillor Ueli Maurer and SNB Chairman Thomas Jordan have also been invited.
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Nicole Ruder, Head of the Global Institutions Division, Swiss Agency for Development and Cooperation SDC
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