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WASHINGTON, April 26 -- The World Bank and the International Monetary Fund (IMF) on Sunday kicked off the semi-annual session of their Joint Development Committee in the World Bank headquarters in Washington. The session, known as the 79th meeting of the Development Committee, started at 9:45 a.m. EDT behind closed doors to discuss the implications of the global economic crisis for developing countries and the role of international financial institutions. The Development Committee meeting was convened as the spring session of the World Bank and the IMF entered its second day. The weekend session began at a time when the world is haunted by the worst economic downturn since the Great Depression in the 1930s. Each spring, the Joint Development Committee and the IMF's International Monetary and Financial Committee hold meetings to discuss progress on the work of the World Bank and the IMF. The joint committee is composed of 24 ministers or central bankers from both rich and poor countries, representing the entire membership of the two international financial institutions. |
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