WBG, IMF Annual Meetings Focus on Jobs, Debt Sustainability

The 2025 Annual Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) discussed an “ecosystems approach” to jobs in a rapidly changing world that shifts the focus of support for infrastructure investments “from building in silos to building for jobs.” Participants emphasized the need for countries to prioritize measures that boost employment and mobilize resources to scale them up.

The Annual Meetings took place from 13-18 October in Washington, D.C., US, where the Development Committee and the International Monetary and Financial Committee (IMFC) also convened.

In his remarks to the plenary, WBG President Ajay Banga outlined the WBG’s efforts to respond to “one of the great demographic shifts in human history,” with more than 85% of the world’s population projected to live in developing countries by 2050. “With the right investments – focused not on need, but opportunity – we can unlock a powerful engine of global growth,” he said.

The Development Committee Chair’s Statement, which reflects the views of the majority of its 24 members, acknowledges that the global economy is facing heightened uncertainty amid a “profound transformation” it is undergoing, which brings not only challenges, but also opportunities. The members will continue to cooperate to address global challenges by adopting sound policies that foster confidence, build resilience, and safeguard macroeconomic and financial stability, according to the Statement.

Welcoming work on job creation, access to quality education, and the delivery of accessible, affordable, and reliable energy to those who need it most, the Statement calls for continued to collaboration among the WBG, the IMF, and development partners on debt sustainability, transparency, and vulnerabilities and to support countries on “effective and fair domestic resource mobilization.”

Addressing the Development Committee, UN Secretary-General António Guterres identified three critical actions:

Implementation of the Seville Platform of Action, with its 130+ initiatives aiming to close the annual USD 4 trillion global SDG financing gap through actions on debt relief, fiscal space, and innovative financial instruments;
Delivery of credible, economy-wide nationally determined contributions (NDCs) at the 2025 UN Climate Change Conference (UNFCCC COP 30), accompanied by multilateral financing towards unlocking USD 1.3 trillion in climate finance; and
A recalibration of the multilateral system so that it can support global public goods “without squeezing existing international development cooperation for low- and middle-income countries.”

According to the IMFC Chair’s Statement, IMFC members “will continue to support countries as they undertake reforms and address debt vulnerabilities, with specific attention to the challenges faced by low-income and vulnerable countries, including fragile and conflict-affected states and small developing states.” Welcoming the progress made under the Group of 20 (G20) Common Framework for Debt Treatments, members express support for the work to assist countries with sustainable debt, including by helping them implement strong growth-enhancing reforms, mobilize domestic resources, and attract private capital.

In a communiqué, the Intergovernmental Group of 24 on International Monetary Affairs and Development (G-24), which coordinates the position of developing countries on monetary and development issues in the IMFC and the Development Committee, among other relevant international fora, welcomes progress under the G20 Common Framework for Debt Treatments and the Global Sovereign Debt Roundtable. The Group of 24 supports efforts to improve the implementation of the Common Framework for more predictable, timely, and coordinated outcomes. It calls for broader reforms focusing on fiscal sustainability, provision of additional concessional financing, strengthening debt management, enhancing debt transparency, and improving country risk assessments and methodology by credit-rating agencies.

A consistent theme throughout the Annual Meetings was the importance of peace as a pre-condition for development and the need for post-conflict reconstruction. [Annual Meetings World Bank Webpage] [Annual Meetings IMF Webpage] [SDG Knowledge Hub Story on WBG/IMF Spring Meetings 2025] [SDG Knowledge Hub Story on WBG/IMF Annual Meetings 2024]