The annual meetings of the International Monetary Fund and World Bank kick off this week against a backdrop of escalating global conflict and debt distress.
A new outbreak of violence in Israel and the grinding war in Ukraine add a grim dynamic to the Washington-based lenders’ efforts to rally their members and keep the focus on reforms to bolster their financial firepower.
Yet many of the risks identified in July have intensified since then, adding uncertainty to whether the projections remains on track. As well, while discussions over monetary policy often overshadow fiscal updates at such multilateral conferences, there may be more attention paid to the outlook for state treasuries this time with many of the world’s largest economies still deeply in the red.
Both efforts find their biggest supporters, and obstacles, from the US. Treasury Secretary Janet Yellen spurred on the World Bank’s so-called evolution road map last year, asking the bank to take on a broader set of challenges and rally the private sector.
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