Federal Councillor Karin Keller-Sutter, Federal Councillor Guy Parmelin and Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank, will attend the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Marrakesh, Morocco, from 11 to 14 October 2023. A meeting of the G20 finance ministers and central bank governors will also take place during the Annual Meetings.
The meetings will focus on the global economic and development policy challenges. Topics will include combating high inflation, reducing the risk of overindebtedness in emerging market and developing economies, and cushioning the impact of the war in Ukraine. There will also be discussions on how the IMF and WBG can most effectively support their members in dealing with global problems such as climate change and poverty. The governance, funding and orientation of the IMF and WBG will also be key themes of the meetings.
Switzerland is advocating in the IMF for monetary, financial and economic policies that foster sustainable growth. This also includes its commitment to sustainable and transparent sovereign debt. Switzerland will work towards a discussion within the relevant international bodies regarding the lessons that can be learned from the recent banking crisis and ways in which the regulations for global systemically important banks can be further improved in future. It will speak in favour of greater sustainability in the financial sector, as well an open economic exchange with clear, predictable rules. In addition, it is advocating for more appropriate funding of the IMF, for its financial soundness, for the sustainability of its Trusts and for the burden to be fairly distributed while achieving these goals. In this regard, Switzerland is emphasising its longstanding financial commitment to vulnerable and low-income countries, and advocating the creation of an additional seat on the IMF Executive Board for the countries of Sub-Saharan Africa.
Within the WBG, Switzerland supports the reform announced at the 2022 Annual Meetings. It welcomes the optimisation of the business and financing model to ensure that the Bank can better respond in future to global challenges such as climate change, pandemics and fragility. In particular, the WBG should better use its capital while retaining its AAA rating, and strengthen coordination and cooperation with other development organisations. Moreover, Switzerland is calling for improvements in the mobilisation of private capital to combat the global challenges.
Switzerland also supports the WBG’s and IMF’s commitment to the economic stabilisation of Ukraine, including with regard to reconstruction.
IMF and WBG Annual Meetings regularly take place at locations other than their headquarters in Washington D.C., USA. Marrakesh was chosen as the location for the next set of meetings some time ago. Following the earthquake in Morocco in September 2023, the IMF, the WBG and the Moroccan authorities assessed the situation in the country. Together, they decided to retain Marrakesh as the location for the meetings, and thereby make the point that the international community stands with Morocco at this difficult time. The search and rescue mission has now been completed. Switzerland has made CHF 1 million available to support activities by the Moroccan Red Crescent Society.
Switzerland has been invited by the presidency to attend the G20 Finance Ministers Meeting as a guest since 2016.
Distributed by APO Group on behalf of The Federal Council, Switzerland.
