The Spring Meetings of the World Bank and the International Monetary Fund opened in Washington, D.C., on the 80th anniversary of the two global institutions’ foundation. The objectives of the 2024 meeting are very clear: to help countries fight climate change and assist the most indebted nations. The meetings bring together central bankers, finance and development ministers, academics, and representatives of the private sector and civil society to discuss the state of the global economy.

World Bank chief Ajay Banga stressed: “There is the climate crisis, debt, food insecurity, pandemics, fragility, and a need to accelerate access to clean air, water, and energy.” Banga says the World Bank “cannot address poverty without a broader vision” and is taking steps to broaden its scope to “create a world free of poverty on a liveable planet.” Impressive financial resources are needed to address the issue of energy transition on a global level, as well as a more radical collaboration between the IMF, the World Bank, and regional development banks.

Another issue at the center of the debate is post-pandemic inflation and the effect of the rise in interest rates, particularly for developing countries’ economies. The complexity of global economic issues intersects with a geopolitical reality in continuous transformation. For this reason, the results that will come from the meetings of the leading financial institutions of the globe represent a moment of synthesis and relaunch in a highly delicate phase of the history of the world.