Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, is leading Nigeria’s delegation to the 2026 International Monetary Fund (IMF) Annual Meetings holding in Bangkok, Thailand.
The meetings, scheduled for October 12 to October 18, will be attended by delegations from more than 190 countries.
The Nigerian delegation includes chief executive officers of financial institutions, representatives of the private sector, civil society organisations, non-governmental organisations and other stakeholders.
The meetings, aimed at promoting global macroeconomic and financial stability in line with the IMF’s long-standing mission, will provide policy advice, conduct surveillance of member countries’ economies and offer financial assistance to countries facing balance-of-payments issues.
They will also focus on building a more balanced and resilient world economy that can withstand economic shocks and promote sustainable development.
The specific activities of the meetings will include analysing the global economy, holding bilateral consultations with member countries and providing support to countries navigating economic challenges.
The meetings will also address the global economic outlook, global financial stability and poverty eradication.
The IMF is also expected to release its World Economic Outlook and Global Financial Stability Report at the meetings.
The World Economic Outlook will provide analysis and projections of the global economy, while the Global Financial Stability Report will assess the global financial system and highlight systemic issues.
The meetings will also discuss the need for reforms to the global financial architecture to support developing countries, as well as promote poverty eradication and inclusive economic growth.
Another key area of discussion will be how to address the economic impacts of climate change on nations.
IMF and the World Bank are two intergovernmental organisations, often referred to as the Bretton Woods institutions, established in 1944 to rebuild the global economy after World War II.
While the IMF focuses on maintaining the stability of the international monetary system, the World Bank aims to reduce poverty and promote development in countries.
The IMF also acts like a financial policeman, ensuring that the global financial system functions smoothly, while the World Bank is like a development banker, helping countries invest in their future.
Specifically, the IMF conducts economic surveillance at both national and global levels to monitor the economic health of its 190 member countries.
The IMF provides loans to member countries struggling with balance-of-payments crises and offers advice on improving their financial regulations.
The World Bank, on its part, focuses on reducing poverty and promoting sustainable development in developing countries.
It lends money to developing countries for development projects, provides policy advice and technical assistance, and promotes knowledge-sharing and innovation to help countries tackle development challenges.
(NAN)