WASHINGTON, Oct 21 — Global finance chiefs will gather in Washington this week amid intense uncertainty over wars in the Middle East and Europe, a flagging Chinese economy and...
BHP faces £36b lawsuit over Brazil dam collapse and country’s worst environmental disaster, accused of dodging responsibility, UK court toldA man walks past signage for the the 2024 IMF/ World Bank Annual Meetings outside of the headquarters of the International Monetary Fund in Washington, DC on October 18, 2024.
“Arguably the most important issue for the global economy — the outcome of the US election — is not on the official agenda this week, but it’s on everyone’s mind,” said Josh Lipsky, a former IMF official who now heads the Atlantic Council’s GeoEconomics Center. The meetings, which start on Monday and get into full swing later in the week, will likely be the last for US Treasury Secretary Janet Yellen, who spearheaded much of the Biden administration’s multilateral economic and climate efforts. Yellen has said she is “probably done” with public service at the end of President Joe Biden’s term in office in January.
While debt defaults among poor countries may have peaked, participants at the annual meetings are expected to discuss the growing problem of scarce liquidity that is forcing some emerging markets saddled with high debt service costs to delay development investments as overseas aid shrinks. “If there was to be an escalation that puts at risk oil and gas delivery, that could have much more significant spillover for the world economy,” Georgieva told Reuters in an interview.
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