San Marino at the IMF Spring Meetings
The Republic of San Marino participated, in virtual mode, in the week from 18 to 24 April last, in the spring meetings (so-called Spring Meetings) of the International Monetary Fund (IMF) and the Council of Governors of the World Bank Group (WBG ), through a government delegation and representatives of the Central Bank. As part of these meetings, central banks, finance and development ministers, private sector executives, representatives of civil society organizations and academics gathered to discuss issues of global concern, including the global economic outlook, the poverty eradication, economic development and the effectiveness of the proposed aid, also taking into account the new scenarios that have emerged following the Russian invasion of Ukraine.
In addition, other seminars, press conferences and many events were held mainly focusing on the global economy, international development and the world financial system. In particular, during the first day, a high-level round table was held on the theme of money, on the subject of the record increase in private debt and on how it could slow down the global economic recovery, as well as on the risks that banks of emerging markets move away due to their holdings and debt interdependencies with the public. The second day, on the other hand, focused on the challenges that the global economy will face after the IMF cuts its global growth prospects. At that moment, a focus was also placed on the risks posed by distancing to financial stability and on how the various countries can take advantage of digitization in a sustainable way.
On the third day, particular attention was paid to the risk associated with food shortages and social unrest in IMF member countries and the possible strategies to be implemented to allow the most fragile countries to respond to the crisis in a sustainable way, strengthening their resilience. In particular, it was underlined how the war conflict between Russia – Ukraine led to a costly humanitarian crisis and its economic and financial repercussions and repercussions were also highlighted – through commodity markets, trust, trade and channels. financials, which have resulted in a downgrade of the global economic outlook and increased inflationary pressures at a time when the global economy has not yet recovered from the COVID-19 crisis. On the fourth day, further attention was also paid to new commitments for the Resilience and Sustainability Trust, a high-level debate on the global economy, financing needs and the reconstruction of Ukraine, which was held during the meeting of the Committee international monetary and financial. , on the last day the moments of the spring meetings and the topics of significant interest dealt with in the various seminars and political issues that took place were retraced.
Also this year, therefore, the Spring Meetings have for San Marino an important opportunity for discussion with international organizations and with the delegations of other member countries on issues of relevance and of close relevance for our Republic, especially in consideration of the new and important challenges posed, in the economic-financial and economic policy fields, by the persistent health pandemic as well as by the recent war conflict between Russia and Ukraine. Precisely with reference to this last aspect, the IMF itself strongly stated the need to implement multilateral cooperation, through a synergistic and structured action of all member countries, to better address the humanitarian consequences of war, reduce the risk of further economic fragmentation as well as addressing emissions related to global liquidity, debt security, climate change and the pandemic