Switzerland at IMF and World Bank Group 2015 Annual Meetings in Lima
Bern, 08.10.2015 - Federal Councillor Eveline Widmer-Schlumpf as Head of the Swiss delegation, Federal Councillor Johann Schneider-Ammann and Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank, will attend the joint Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group in Lima, Peru, from 8 to 10 October 2015. Important topics are the global economic situation, the role of the IMF and of the World Bank Group in the implementation of the 2030 Agenda for Sustainable Development, and the link between development and demographic change.
The International Monetary and Financial Committee of the IMF will focus on the global economic environment. The IMF projects global economic growth of around 3%. However, the performance of the global economy remains uneven: while growth is accelerating slightly relative to 2014 in advanced economies, it is slowing down further in emerging market economies. In general, the risks for the global economy have risen because of low commodity prices, waning capital flows to emerging markets and increasing financial market volatility.
Against this backdrop, the IMF recommends maintaining the accommodative monetary policies of advanced economies. Efforts to reduce non-performing loans and to improve financial sector regulation and supervision are to be continued. The low productivity growth and continued low investment activity of advanced economy countries is to be countered with structural reforms, particularly in the service sector and in the labour market.
From Switzerland's perspective, priority is to be given to measures in the structural field. These should include efforts to ensure better public finance management. Due regard is also to be paid to the risks of quantitative easing for the misallocation of resources and the formation of speculative bubbles on the financial markets. Switzerland believes that the work to strengthen financial market regulation should remain geared primarily towards the risks arising from global systemically important banks.
The Development Committee will focus on the role of the World Bank Group in the implementation of the 2030 Agenda for Sustainable Development. The agenda was adopted at the end of September during the United Nations Sustainable Development Summit in New York, and from 2016 onwards will form the framework applicable globally for national and international efforts in the area of sustainable development and poverty eradication. Switzerland will encourage the World Bank Group to provide advisory and content support for the implementation of the 2030 Agenda because of its independence and global presence. The World Bank Group should increasingly promote intergovernmental dialogue and provide innovative solutions for global challenges at the national and international levels. Greater involvement of the private sector and improved mobilisation of national resources are key.
The Development Committee will also address the issue of equitable voting power for member states. The voting power of all members is reviewed at regular, five-year intervals, and adjusted if need be.
While in Lima, Federal Councillor Johann N. Schneider-Ammann will sign a bilateral project agreement with Peru aimed at improving decentralised public finance management in the regions. Moreover, Switzerland will also take part in three bilateral projects with the World Bank in the areas of water and energy, as well as boosting local financial infrastructure.
Address for enquiries
Mario Tuor, Head of Communications, State Secretariat for International Financial Matters SIF
tel. +41 58 462 46 16, mario.tuor@sif.admin.ch
Antje Baertschi, Head of Communications, State Secretariat for Economic Affairs SECO
tel. +41 58 463 52 75, antje.bartschi@seco.admin.ch
Nicole Ruder, Head of the Global Institutions Division, Swiss Agency for Development and Cooperation SDC
tel. +41 58 462 00 77, Nicole.ruder@eda.admin.ch
Publisher
The Federal Council
https://www.admin.ch/gov/en/start.html
Federal Department of Finance
https://www.efd.admin.ch/efd/en/home.html
Federal Department of Economic Affairs, Education and Research
http://www.wbf.admin.ch
Federal Department of Foreign Affairs
https://www.eda.admin.ch/eda/en/home.html