The Bangko Sentral ng Pilipinas (BSP) delegation led by Monetary Board Member (MBM) Rosalia V. De Leon and Deputy Governor Francisco G. Dakila, Jr. attended the 2024 International Monetary Fund (IMF) and World Bank Group (WBG) Annual Meetings in Washington, D.C. from 15 to 20 April 2024.[1] For this year’s spring meetings, the Global Policy Agenda centered on the theme, “Rebuild, Revive, Renew.” In line with the theme, IMF Managing Director Kristalina Georgieva underscored the need to: (a) “rebuild buffers” through fiscal consolidation, management of final descent of inflation to target, and protection of financial stability; (b) “revive sustainable and inclusive medium-term growth” through structural reforms to include targeted and sequenced supply-enhancing reforms; and (c) “renew IMF’s commitment” through better surveillance and more targeted policy advice, enhanced lending toolkit, quota review and realignment, support to reduce debt vulnerabilities, and capacity building.
The BSP delegation participated in various meetings such as the IMF’s International Monetary and Financial Committee introductory session and plenary, IMF Asia and Pacific Department (APD) High-Level Meeting on regional economic outlook, Intergovernmental Group of Twenty-Four (G-24) Deputies and Ministers/Governors’ meetings, the Vulnerable Twenty (V20) Finance Ministers, Governors’ and Working Group meeting, Sustainable Banking and Finance Network Global Progress Brief and Data Portal, and 16th Annual G-24/Alliance for Financial Inclusion Policymakers’ Roundtable. The delegation also participated in bilateral meetings with the IMF’s APD and Institute for Capacity Development, various investor conferences and meetings with credit ratings agencies, and Philippine Dialogue showcased by heads and senior officials of the national government. The meetings discussed updates on global and regional economic and financial developments; global outlook and policy agenda; recent developments and challenges on sustainable finance; and Philippine macroeconomic landscape.
