Governors suggested the World Bank (WB) and the International Monetary Fund (IMF) closely coordinate with their member states to reform the global financial system, enhance state management and minimize bank risks.
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Governor of the State Bank of Vietnam Nguyen Van Giau addresses the closing ceremony of the WB/IMF Boards of Governors Annual Meetings, Istanbul, Turkey, October 7, 2009
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The 2009 Annual Meetings of the Boards of Governors of the WB Group and IMF presided over by Governor of the State Bank of Vietnam(SBV) Nguyen Van Giau concluded today in Istanbul, Turkey.
Both IMF and WB play an important role in combining joint efforts of the international community to cope with the global financial crisis, ensure social security and assist the poor, said the Vietnamese Governor.
The Boards of Governors showed their attempt and determination to boost up international trade, prevent protectionism and early conclude the long-stalled Doha Round of talks.
Over the last two days, delegates discussed various issues, namely (i) opinions and assessments on global economic prospects, (ii) roles of IMF and WB in mitigating negative impacts of the financial and economic turmoil, (iii) these organizations’ financial capacity, and (iv) reforming IMF/WB toward louder voices for developing countries.
The participants also want IMF to work with the Financial Stability Board (FSB) to supervise the global economy.
The Governor of the Central Bank of Nigerian took over the Chairmanship of WB/IMF Boards of Governors in the term of 2009-2010./.