WASHINGTON DC 11-13 October 2008 IMF, World Bank meet in sour global economic climate 

The massive bailout for Wall Street is likely to be a top issue, in the context of the worsening state of the world economy, at the Annual International Monetary Fund/World Bank meetings in October. At a conference in Frankfurt on Sep 9, IMF first deputy managing director John Lipksy recommended restructuring the mortgage giants Fannie Mae and Freddie Mac. He predicted global growth was set to slow further in the second half of 2008. The same meeting is expected to hear a World Bank report on a mission to assess Georgia's needs following the invasion in August by Russia.

Lipsky said that on top of high oil prices, the continued financial sector strains are a major risk to the chances of recovery in 2009.

A joint team of officials from the Asian Development Bank, the European Bank for Reconstruction and Development, the European Commission, the European Investment Bank, the United Nations, and the World Bank Group began a 2-week Joint Needs Assessment mission in Georgia on Sep 8. Led by the World Bank, it responds to a request from the Georgian government to identify priority areas and financial requirements needed for post-conflict recovery and reconstruction.

About 10,000 people attend IMF/WB meetings officially, and thousands more unofficially. The unofficial thousands usually include anti-globalization and anti-capitalism demonstrators. Sep/08

RELATED READING:

Global economy faces tough test, says IMF's Lipsky (Reuters 9 Sep 2009)
http://www.reuters.com/article/ousiv/idUSL939255520080909?pageNumber=3&virtualBrandChannel=0

Editorial: Poorer in a richer world (Toronto Star 8 Sep 2008)
http://www.thestar.com/comment/article/492390