Washington DC: Mr Wale Edun, the Minister of Finance and Coordinating Minister of Economy, has led Nigeria’s delegation to the 2025 International Monetary Fund (IMF) Spring Meeting in Washington DC.
According to News Agency of Nigeria, the meeting, taking place from April 21 to April 26 in the US capital, includes delegations from 190 countries. The Nigerian delegation consists of Chief Executive Officers of financial institutions, representatives from the private sector, Civil Society Organisations, Non-Governmental Organisations, and other stakeholders.
The meeting’s objective is to promote global macroeconomic financial stability, in line with the IMF’s mission, by providing policy advice, economic surveillance, and financial assistance to countries dealing with balance-of-payments issues. The discussions aim to foster a balanced and resilient world economy capable of withstanding economic shocks and promoting sustainable development.
Specific activities at the meeting include analysing the world econom
y, conducting bilateral consultations with member countries, and supporting nations navigating economic challenges. The agenda covers the global economic outlook, financial stability, and poverty eradication. The IMF is also expected to release its World Economic Outlook and Global Financial Stability Report, which will offer analysis and projections of the global economy and assess the global financial system.
Discussions will also address the need for reforms to the global financial architecture to support developing countries, as well as strategies for poverty eradication and inclusive economic growth. Additionally, the economic impacts of climate change on nations will be a key topic of conversation.
News Agency of Nigeria reports that the IMF and the World Bank, known as the Bretton Woods Institutions, were established in 1944 to rebuild the global economy post-World War II. The IMF focuses on maintaining international monetary system stability, while the World Bank aims to reduce poverty and promote d
evelopment in developing countries.
The IMF engages in economic surveillance to monitor the health of its 190 member countries and provides loans to those struggling with balance-of-payments crises, offering advice on improving financial regulations. The World Bank, meanwhile, focuses on reducing poverty and promoting sustainable development by lending to developing countries for projects, providing policy advice, and promoting knowledge sharing and innovation.