WASHINGTON: The 2023 spring meetings of the World Bank Group and the International Monetary Fund (IMF) begin in the US capital on Monday to consider “uncertainties and risks weighing heavily” on the global economy.

The April 10-16 meetings at the IMF and World Bank headquarters will also focus on the effects of climate change, which is threatening lives and livelihoods around the world.

The meetings bring finance ministers and central bank governors from across the globe who use the opportunity to renew their contacts with international financial leaders. Some also hold bilateral meetings with US Treasury and State Department officials.

The secretaries of finance and economic affairs and the State Bank governor will represent Pakistan in the meetings as Finance Minister Ishaq Dar decided not to come.

An official statement underlining the issues that will be discussed at these meetings, noted that a “stubborn inflation, the cost-of-living crisis, and slower growth effects” were hurting the poor and most vulnerable.

“Record high debt is holding back developing countries, and the effects of climate change are threatening lives and livelihoods around the world, the statement added. Experts urged the World Bank and the IMF to make a comprehensive plan for addressing the issues confronting the developing world.

A picture on the UN Foundation’s site showed how last year’s floods in Pakistan caused widespread devastations and international financial institutions to develop a new mechanism to “help communities on the receiving end of (climate change) catastrophes”.

“Many lives were lost, and millions lost their homes, with one-third of the country submerged,” the caption under the picture pointed out.

A World Bank report, released soon after the floods, noted that “Pakistan urgently needs significant investments in climate resilience to secure its economy and reduce poverty.”

Published in Dawn, April 10th, 2023