By Nisthar Cassim in Washington D.C.

Sri Lanka is being represented by a low-key team at the 2019 World Bank Group-International Monetary Fund Annual Meetings beginning this week in Washington D.C.

Sans Finance Minister Mangala Samaraweera or State Minister Eran Wickramaratne, who are busy with next month’s Presidential Election campaign, the Lankan delegation includes Central Bank Governor Dr. Indrajit Coomaraswamy, Senior Deputy Governor Dr. Nandalal Weerasinghe, Treasury Secretary Dr. R.H.S. Samaratunga, Treasury Deputy Secretary A.K. Seneviratne, Fiscal Policy Director General K.A. Vimalenthirarajah and External Resources Director General R.M.P. Ratnayake.

The Annual Meetings of the Boards of Governors of the World Bank Group (WBG) and the International Monetary Fund (IMF) bring together central bankers, ministers of finance and development, parliamentarians, private sector executives, representatives from civil society organisations and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development and aid effectiveness. Additionally, seminars, regional briefings and press conferences as well as many other events focused on the global economy, international development and the world’s financial system are also held.

The IMF World Bank Annual Meetings are attended by over 2,800 delegates from member countries, 350 observer organisation representatives and 800 members of the press including the Daily FT. Around 550 accredited civil society members also participate in the meetings. 

It will be the first annual meetings for IMF’s new Managing Director Kristalina Georgieva and World Bank Group President David Malpass. The former replaced Christine Lagarde, who resigned as IMF Chief after an eight-and-half-year stint following her nomination as the President of the European Central Bank. Malpass succeeded Jim Yong Kim, who served as World Bank President between April 2012 and February 2019.

Today the IMF will release its World Economic Outlook and the heads of both the IMF and World Bank will hold separate press conferences on global challenges.

Earlier this month Georgieva said two years ago, the global economy was in a synchronised upswing. Measured by GDP, nearly 75% of the world was accelerating. 

“Today, even more of the world economy is moving in synch but, unfortunately, this time growth is decelerating. In 2019, we expect slower growth in nearly 90% of the world,” she added.

Sri Lanka has an ongoing Extended Fund Facility program with the IMF worth $ 1.5 billion of which $ 1.1 billion has been disbursed. The World Bank has an ongoing Country Partnership Framework until 2020 which aims to support the achievement of some of the Government’s medium-term goals in areas that are critical for reducing extreme poverty and promoting shared prosperity. The current active WBG portfolio in Sri Lanka amounts to nearly $ 2 billion in development assistance or commitment.

WB forecasts 2.7% growth for SL in 2019