22 October 2024, Washington D.C – The Parliamentary Assembly of the Mediterranean (PAM) participated in and contributed to the 2024 World Bank Group (WBG) and International Monetary Fund (IMF) Annual Meetings, which took place in Washington DC, USA, from 21 to 26 October. The Assembly was represented by Hon. Giulio Centemero (Italy), PAM Vice President and President of the 2nd Standing Committee. Within the Annual Meetings, Hon. Centemero was also invited to contribute, as keynote speaker, to the Global Parliamentary Forum (GPF) of the World Bank and IMF Parliamentary Network, held on 21 and 22 October.
Taking place on the 80th year anniversary of the Bretton Woods Accords, the meetings came at a crucial moment for the international community, faced with unprecedented challenges – from global conflicts to climate change and the advent of AI, among others – while the world is well of track to reach the Goals of the 2030 Agenda, especially on poverty.
This year, the Meetings were dedicated to “Multilateralism: Achievements, challenges and the way forward”, focusing on how the WBG and IMF can continue helping countries deliver development results in the face of persistent crises, while the GPF discussed how parliamentarians can contribute to the achievement of these critical results.
Hon. Centemero intervened during the session on “Africa’s Economic Future: Navigating the Turbulent Twenties,”, which underscored the pressing need for economic reforms to support Africa’s engagement and inclusion in the broader global economic landscape. The discussion also focused on the role of parliamentarians in advocating for and ensuring the implementation of these reforms.
Hon. Centemero intervened emphasizing the necessity of structural reforms within Multilateral Development Banks (MDBs). He called for a governance model that promotes equitable representation for all Member States, stressing that such reforms are essential for fostering fairness and inclusivity in global economic decision-making processes.
In addition, Hon. Centemero also contributed to the regional meeting organized by the IMF at the end of the GPF. The meetings focused on fostering regional development and address specific regional needs with tailored and innovative solutions. During the meetings, the IMF also presented the 2024 Regional Macroeconomic Outlook for Europe, “A Recovery Short of Europe’s Full Potential”, containing critical recommendations for policymakers to unlock the region’s full potential.
The meetings concluded that, despite the significant changes that the Bank and the Fund have undertaken in the past five years, much is yet to be done. In December 2024, countries will have an opportunity to scale up their engagement in the fight extreme poverty and hunger, as the WBG International Development Association (IDA) replenishment will take the place, needing an estimated addition of USD105 billion to be more effective in fighting today’s most pressing challenges.
Looking ahead, PAM will continue to work closely with the World Bank and IMF to drive meaningful institutional reforms that reflect the current global economic environment, while also enhancing its cooperation with the Parliamentary Network of the Washington institutions. //