WASHINGTON, July 1, 2024 – In recognition of the 80th anniversary of the United Nations Monetary and Financial Conference, also known as the Bretton Woods Conference, the International Monetary Fund (IMF) and the World Bank (WB) Group today announced the launch of a new initiative.
This initiative, called Bretton Woods at 80, is a comprehensive consultation tasked with developing a long-term perspective on the future of the world economy, international cooperation, and the evolving roles of the IMF and the World Bank.
The initiative will be guided by a group of external advisors, including Sri Mulyani Indrawati, Minister of Finance of Indonesia; Patrick Achi, former Prime Minister of Côte d’Ivoire; and Mark Malloch Brown, former Deputy Secretary-General of the UN. These advisors will collaborate closely with Ajay Banga, President of the World Bank Group, and Kristalina Georgieva, Managing Director of the IMF. Their goal is to lead a global discussion on the shape of the world economy 20-30 years from now, the future of multilateralism, and how the IMF and the World Bank can best support global stability and progress towards a sustainable planet.
IMF Managing Director Kristalina Georgieva emphasized the importance of this initiative, stating, “As the IMF seeks to serve the evolving needs of our global membership and to deliver, efficiently and effectively, on our three principal tasks—economic policy advice, lending, and capacity development—we recognize the importance of a longer-term perspective. This process will help us better understand possible futures and plan for them.”
World Bank Group President Ajay Banga highlighted the significance of this anniversary as a moment to reflect and prepare for future challenges. “For 80 years, the World Bank has worked to improve lives and make the world a better place. This anniversary is an opportunity not only to reflect but more importantly to look to the future and make ourselves ready for the challenges beyond the horizon. The world needs the Bank, and the next 50 years will demand even more from this institution than were required during the preceding 80 years to realize a world free of poverty on a livable planet.”
The Bretton Woods at 80 initiative will engage global stakeholders in discussions to explore potential scenarios for the future of the world economy. This effort aims to strengthen international cooperation and ensure that the IMF and the World Bank are well-equipped to address emerging global challenges. By fostering dialogue and collaboration, the initiative seeks to create a roadmap for a more stable, prosperous, and sustainable world economy in the decades to come.
As the world faces complex economic, environmental, and social challenges, the Bretton Woods at 80 initiative underscores the commitment of the IMF and the World Bank to adapt and evolve in order to meet the needs of a changing global landscape.