Egypt's central bank governor chairs plenary session of IMF, World Bank Group boards of governors

CAIRO - 14 October 2022: Governor of the Central Bank of Egypt (CBE), Hassan Abdalla, chaired on Friday, the plenary session of the World Bank Group (WBG) and International Monetary Fund (IMF) Boards of Governors.

 

This session is the first after three years of suspension due to the repercussions of the Covid-19 pandemic outbreak. 

 

The Annual Meetings take place in Washington, D.C., between 10-16 October 2022.

 

President of the World Bank Group, David R. Malpass and Managing Director of the International Monetary Fund, Kristalina Georgieva, participated in the session chaired by Hassan Abdallah, CBE governor. 

 

The session is attended by more than 3,000 officials representing 189 countries, including Central Bank Governors, Ministers of Finance and Development, Planning, Energy, parliamentarians, senior officials from the private sector, representatives of civil society organizations, and leading economic experts.

 

The plenary session of the Boards of Governors of the World Bank Group (WBG) and International Monetary Fund (IMF) is held amidst unprecedented global challenges.

 

According to the CBE, Egypt's strong participation in 2022's meetings comes in line with its proactively pursued leadership role in the Middle East and Africa and its effective contribution to all international efforts to pursue global peace and security.

 

Moreover, Egypt received much praise from senior officials participating in the currently being held meetings, especially those related to managing monetary policy, combating inflation, social protection measures, and combating climate change.

 

The International Monetary Fund (IMF) raised projections for Egypt’s economic growth by 6.6 percent in 2022, despite the global challenges, including the COVID-19 pandemic, the Russian-Ukrainian War, high inflation rates, food shortages, and climate change.

 

The Boards of Governors of the World Bank and the IMF consist of one governor and one alternate governor, who are appointed by each of the member countries of the World Bank. The participated governor is usually occupied by the Minister of Finance, the Governor of the Central Bank, or a high-ranking official of the same rank.

According to the agreement establishing the World Bank, all the powers of the Bank are delegated to the two Boards of Governors, and it is considered the supreme decision-making body of the Bank.

 

The Annual Meetings traditionally are held in Washington, D.C. two years out of three and, to reflect the international character of the two institutions, every third year in a different member country. In addition to the meetings of the Boards of Governors, the Development Committee and the International Monetary and Financial Committee (IMFC) are officially convened. The Development Committee and the IMFC advise the Boards of Governors on issues of global concern.