Switzerland supports new IMF instrument for poorer countries
Published: Friday, Apr 19th 2024, 23:00
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At the spring meeting of the World Bank and the International Monetary Fund (IMF), Federal Councillor Guy Parmelin signed a partnership agreement under which Switzerland will contribute around CHF 10 million to the "Global Partnership in Public Finance" (GPFP).
Launched in 2023, the GPFP is a cornerstone of the IMF to help developing and emerging countries in particular build strong fiscal policies and create collective resilience.
Switzerland important donor country
The generous and timely contribution to the GPFP will enable the Fund to help its emerging and low-income member countries achieve their economic and development goals in a challenging fiscal environment, said Gita Gopinath, First Deputy Managing Director of the IMF, at the signing ceremony in Washington. Switzerland is one of the five most important donor countries for IMF capacity building.
Parmelin took part in the World Bank's General Assembly in Washington on Friday. He reaffirmed Switzerland's role in promoting sustainable and inclusive initiatives to reduce global poverty.
Lots of momentum for World Bank business
The Minister of Economic Affairs also emphasized the importance of international cooperation in overcoming global challenges. For example, the World Bank's International Finance Corporation (IFC) can significantly promote economic growth and job creation through its support for the private sector.
Parmelin went on to say that he sensed a great deal of momentum for the World Bank's business in the Swiss constituency at the World Bank.
In addition to Finance Minister Karin Keller-Suter and Parmelin, the outgoing Director of the Swiss National Bank, Thomas Jordan, also took part in this year's IMF/World Bank Spring Meetings. The delegation returns to Switzerland on Saturday morning.
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