BSP engages in global economic talks at IMF-WB Meetings

The Bangko Sentral ng Pilipinas (BSP) prominently featured in the 2024 International Monetary Fund (IMF) – World Bank Group (WBG) Annual Meetings, contributing to pivotal discussions on global financial stability and economic growth.

The BSP delegation*, led by Monetary Board Member Rosalia V. De Leon and Deputy Governor Francisco G. Dakila, Jr., actively participated in sessions from April 15 to 20, 2024, addressing the theme “Rebuild, Revive, Renew.”

IMF Managing Director Kristalina Georgieva emphasized the need to “rebuild buffers,” “revive sustainable and inclusive medium-term growth,” and “renew IMF’s commitment” to tackling contemporary economic challenges.

Key focus areas included fiscal consolidation, managing inflation, financial stability, structural reforms, debt vulnerabilities, and capacity building.

BSP’s engagement spanned various meetings, including the IMF’s International Monetary and Financial Committee, the Asia and Pacific Department high-level meeting on regional outlook, and sessions with the Vulnerable Twenty (V20) Finance Ministers and G-24.

Additionally, the delegation attended the Sustainable Banking and Finance Network briefing and participated in the 16th Annual G-24/Alliance for Financial Inclusion Policymakers’ Roundtable.

In bilateral meetings with IMF departments, investor conferences, and dialogues with credit rating agencies, the delegation highlighted updates on the global and regional economic climate and policy agendas.

The meetings also covered sustainable finance and challenges, along with the Philippine macroeconomic landscape.

*Also part of the BSP delegation were Managing Director Zeno Ronald R. Abenoja (Department of Economic Research), Director Ellen Joyce L. Suficiencia (Ad Hoc Sustainability Unit, Office of the Governor), Deputy Director Ramil M. Covar (International Relations and Surveillance Department), Ms. Queen Castle S. Cave and Ms. Alexandria Camille M. Castillo (Investor Relations Group).