The World Bank And IMF Meet as Aid Dwindles Amid US Turmoil

When the World Bank and International Monetary Fund (IMF) on April, 20, convenes for its annual and spring meetings, the Bretton Woods institutions will deeply reflect on the turmoil US President Donald Trump is causing in global financial markets.

IMF and World Bank meetings of 191 member countries attract 10,000 central bankers, ministers of finance and development, private sector executives, civil society representatives, journalists and academics to discuss the state of the global economy.

This week’s meetings in Washington, DC will also discuss issues of international concern, such as the growth outlook, financial stability, and poverty reduction. The meetings are the only gathering of its kind in the world and a unique forum for discussion on economic policymaking.

Amid Trump’s decision to turn off the aid taps, the World Bank and its partners face a monumental task to find a way forward for the efforts to tackle the major challenges confronting developing countries – climate change, high public debt and poverty.

These global goals were already hampered by slow progress and inadequate funding even before Trump’s return. Trump and his team have moved to end $54 billion in overseas aid contracts (about 90 percent of its spending), while pressuring allies in Europe to shift aid budgets to defence.