IMFC Chair’s Statement: 54th Meeting

The statement said the global economy has weathered successive shocks better than expected, while buffers are gradually eroding and resilience is not guaranteed. Wars and conflicts bring human costs, economic costs, and negative spillovers, while supply chain disruptions and trade tensions increase uncertainty and price pressures. Advances in advanced intelligence technologies are accelerating investment and trade and may raise productivity. Global growth has so far remained broadly stable, but effects have varied, creating a risk that low-income and vulnerable countries will be left behind.

Risks are tilted to the downside. An escalation of conflicts or trade tensions could disrupt key trade routes, put upward pressure on commodity prices, and destabilize energy and food supplies. Rising sovereign yields in systemically important countries, high public debt and refinancing needs, and uncertainty about the economic and financial effects of technology could increase macro-financial vulnerabilities. Technological and demographic changes, extreme weather and natural disasters, and geoeconomic fragmentation also complicate policy trade-offs.

Wars and conflicts have the most severe effects on the poorest and most vulnerable people. Uneven effects on the global economy put low-income and vulnerable countries at further risk of being left behind.

The committee reaffirmed its approach of promoting macroeconomic and financial stability and strong, broad-based growth through sound, consistent macroeconomic policies and multilateral cooperation. Fiscal vulnerabilities should be addressed promptly, and fiscal consolidation should aim to ensure sustainability and rebuild necessary buffers while protecting vulnerable people and priority investments that promote productivity and growth. Within credible medium-term frameworks, central banks should continue their commitment to price stability, data-driven policy adjustments, and clear communication, in line with their respective mandates. Central bank independence is essential to policy credibility and stable inflation expectations.

The committee welcomed the Bangkok Blueprint, which strengthens monitoring and response to financial vulnerabilities and stability risks while complying with international standards, and enhances digital finance security, cyber resilience, and measures against digital fraud. It called for reforms that use advanced intelligence technologies and digitalization to raise productivity, address risks, and distribute benefits broadly. Members will also work together to address excessive global imbalances and trade tensions, avoid policies that distort trade, and strengthen supply chains, while emphasizing secure, resilient energy flows and freedom of navigation. They reaffirmed their April 2021 exchange rate commitments.

Countries addressing reform needs and debt vulnerabilities will be supported through sound macroeconomic policies, domestic resource mobilization, and improved governance. These include low-income countries that are fragile and conflict-affected or small developing states, as well as vulnerable middle-income countries. On public debt restructuring, members will advance work under the Common Framework and the Global Sovereign Debt Roundtable to promote implementation that is predictable, timely, orderly, and coordinated. Stakeholders, including private creditors, are urged to improve debt transparency. Members encouraged the IMF and World Bank to accelerate their three-pillar approach and expand support for countries with sustainable debt and reform and growth agendas but short-term financing challenges. The committee thanked members that provided contributions to support the self-sustaining lending capacity of the Poverty Reduction and Growth Trust and looks forward to prompt contributions from others.

The committee welcomed the Managing Director’s Global Policy Agenda and the recent approval of comprehensive policy reviews to strengthen IMF surveillance, debt analysis, lending, and capacity development, and expects rapid, effective, and fair implementation. It supported capacity development and stronger integration with surveillance and lending. The reforms will help members identify risks, respond to uncertainty, and implement policy frameworks that promote resilience and growth. The committee also welcomed the IMF’s ongoing work on the macroeconomic and policy implications of advanced intelligence technologies and looks forward to analysis and recommendations within its mandate.

The committee reaffirmed its commitment to a strong, adequately resourced, quota-based IMF at the center of the global financial safety net. It expects domestic approvals of quota increases under the 16th General Review of Quotas to be completed without delay. The Diriya Guiding Principles will guide discussions on future quota and governance reforms, including the 17th General Review of Quotas.

To keep the IMF agile, responsive, and effective in the future, the committee supported prudent internal use of advanced intelligence technologies, modernization of operations, stronger enterprise risk management, and investment in staff. It thanked staff for their high-quality work and dedication and encouraged efforts to improve regional and female representation among staff under a merit-based system. It emphasized stronger representation of women on the Executive Board and in leadership positions, and action toward voluntary targets, while stating that candidates should be selected by each member country through merit-based processes.

The statement thanked the Thai authorities and people for hosting the 2026 Annual Meetings in Bangkok. It also thanked the Kingdom of Saudi Arabia for its leadership at the IMFC and welcomed the one-year extension of Minister Al-Jadaan’s term as chair. The next meeting is scheduled for April 2027 in Washington, DC.