The annual meetings of the International Monetary Fund (IMF) and the World Bank commenced today, October  21 in the US capital, Washington.

The meeting, which brings together finance ministers, central bankers, representatives from the financial sector and development cooperation, are expected to address, among other issues, a looming debt crisis in lower-income countries, climate change and poverty alleviation.

As part of the meeting, the Fund also plans on Tuesday to present a new forecast for future growth in the global economy.

Kristalina Georgieva, Managing Direcror of the IMF said last week that the outlook for the world economy in the medium term is “lackluster – not sharply lower than pre-pandemic, but far from good enough.”

Meanwhile, The Principality of Liechtenstein became a member of the IMF today, October 21, 2024 when Prime Minister Daniel Risch signed the Fund’s Articles of Agreement during a ceremony in Washington D.C.

Liechtenstein applied for IMF membership in May 2023. Subsequently, an IMF team visited Vaduz during November 27-December 8, 2023. The principality’s decision to join the IMF was confirmed by a majority in a national referendum conducted on September 22, 2024. The initial quota for Liechtenstein is SDR 100 million (about US$134.7 million).

After the signing ceremony, IMF Managing Director Kristalina Georgieva met with Prime Minister Daniel Risch at IMF headquarters and issued the following statement:

“I am delighted to welcome Liechtenstein as the 191st member of our global IMF community. This membership signifies Liechtenstein’s commitment to upholding the highest standards of economic policy and cooperation on the international stage. The IMF will work closely with the authorities to support Liechtenstein’s efforts toward sustainable growth and further integration into the global economy.”

“Liechtenstein is joining the IMF at a time when our members and the global economy are navigating greater uncertainty and long-term challenges such as economic fragmentation and climate change. This accession reaffirms the important role entrusted to the IMF in fostering global economic cooperation and stability. Together, we will build a more inclusive and sustainable economic future for all members.”

Prime Minister Daniel Risch added: “The Government is very pleased that Liechtenstein was able to join the IMF as the 191st member, this Monday, October 21. As a small country with limited administrative resources, we reflect carefully before joining international organizations, evaluating not only the consequences and benefits of what the organization can bring us – but also what we can bring to the organization ourselves. Liechtenstein will be a committed and dedicated member of the Fund. We’re looking forward to engaging constructively to advance international economic resilience and stability.”