New Delhi, April 12 (NationPress) Finance ministers and central bankers from 191 member nations will gather for the International Monetary Fund (IMF) and World Bank’s spring meetings, scheduled from April 13-18 in Washington, DC. This meeting aims to assess the global economic challenges, especially in light of the tenuous ceasefire between the US and Iran and the unpredictability surrounding ongoing peace negotiations.

IMF Managing Director Kristalina Georgieva has cautioned that the upcoming economic projections, set to be released on Tuesday, alongside a report on global financial stability, may see downward revisions due to the economic disruptions stemming from the Middle East conflict.

Earlier in January, global output was projected to grow by 3.3 percent this year, with the US economy expected to expand by 2.1 percent, the euro zone by 1.4 percent, and emerging Asia by 5.4 percent. These figures are anticipated to be revised lower in light of new data.

Georgieva emphasized that the robust global economy is once again being challenged by the turmoil in the Middle East, which has inflicted significant hardships worldwide.

“As we prepare to welcome ministers and central bank governors for our Spring Meetings next week, our primary objective will be to strategize on how to navigate this latest shock and alleviate the burden on economies and individuals. This will require a thorough understanding of the nature of the shock, its economic channels, the magnitude of its impact, and the policies that can help mitigate it,” she stated.

The global oil supply has been reduced by approximately 13 percent, while liquid natural gas (LNG) supplies have decreased by around 20 percent, leading to skyrocketing prices and disruptions in supply chains across the globe.

The annual and spring gatherings of the IMF and World Bank Group unite central bankers, finance and development ministers, private sector leaders, civil society representatives, and academics to deliberate on the state of the global economy and pressing international issues such as growth prospects, financial stability, and poverty alleviation.

The Board of Governors includes a high-ranking representative from each of the 191 member countries, typically the finance minister, central bank governor, or development minister. During the Meetings, these Governors engage in a plenary session to address the obstacles facing the global economy. They also make decisions on significant policy issues that will shape the future operations of both organizations, which are subsequently executed by their respective Executive Boards.

Moreover, the IMF's International Monetary and Financial Committee (IMFC) and the joint IMF-World Bank Development Committee (DC) will convene to review progress concerning the initiatives of both institutions.