Members of the World Bank and International Monetary Fund have urged greater action on poverty and warned of risks to the global economy during meetings held in mid-April.

The World Bank-IMF 2005 “Spring Meetings,” held in Washington, D.C. on 16 and 17 April, resulted in calls for poverty reduction to “remain at the top of the international agenda.” In spite of predicting “robust” global economic growth for 2005, it also warned of growing imbalances within regions, exchange rate volatility, and the risks posed by oil price rises. The two organizations recently issued a report warning that the Millennium Development Goals intended to address poverty, disease and other issues would be put at risk unless the international community acts with greater urgency and commitment. However, some news reports suggested that the Spring Meetings ended without achieving any major new political breakthrough on these issues. There was also apparently little headway made during a recent G7 finance ministers’ meeting on debt relief.
Links to further information
IMF “Spring Meetings” website, April 2005
The report, Global Monitoring Report 2005: From Consensus to Momentum, 2005
Discerning a New Course for World’s Donor Nations, New York Times, 18 April 2005
Debt relief delayed by indecision, BBC news, 18 April 2005