PM attends opening session of IMF-WB annual meetings

ABO/VNA – Prime Minister Nguyen Xuan Phuc joined leaders of other ASEAN countries at the opening ceremony of the annual meetings of the International Monetary Fund (IMF)-World Bank (WB) Group in Bali, Indonesia, on October 12.

Vietnamese Prime Minister Nguyen Xuan Phuc (fourth, left) and other heads of delegations at the IMF-WB annual meetings in Bali (Photo: VNA)

The event also saw the presence of finance ministers and central bank governors of 189 member countries of IMF and WB, leaders of international organisations, representatives of many enterprises and social organisations, and researchers from around the world.

Themed “Harnessing disruption to shape inclusive economies of the future”, the annual meetings are scheduled to discuss many emerging issues in the global economy, such as the impact of trade wars on international and regional economic growth prospects; financial and monetary policy coordination; as well as the impact of the Fourth Industrial Revolution on economic growth, financial stability, employment, and social equality and progress.

At the event, the IMF released the World Economic Outlook Update, predicting a global economic growth rate at 3.7 percent in 2018 and 2019 due to the growth slowdown in some key economies under the influence of the tightened monetary policy in the US, escalating trade tensions, and growing oil prices.

Addressing the opening session, IMF Managing Director Christine Lagarde and WB Group President Jim Yong Kim called on countries to improve resilience in their economies; promote structural reforms; support multilateralism; oppose protectionism; enhance global cooperation; reduce global imbalances; and make use of the Industry 4.0 to serve sustainable, equal, and inclusive development.

(Source: VNA)