Governors, ladies and gentlemen, it is my pleasure to call to order the 2026 Annual Meetings of the Board of Governors of the International Monetary Fund and World Bank Group. I welcome governors representing our member countries. The cultural showcase was an impressive performance and a wonderful way to start our meeting. On behalf of all participants, I would like to extend, through the Thai authorities, our deep appreciation to the people of Thailand for their warm welcome and gracious hospitality during this time of national mourning, and particularly after the recent flooding in Bangkok, which has affected so many. We join the citizens of this great city in mourning the loss of life. But the fact that we are meeting here today demonstrates Bangkok's resilience and determination. Let me now turn to the host country guest of honor, His Excellency Mr. Anutin Charnvirakul, to deliver his remarks.
Mr. Chair, your excellencies, distinguished heads of state and government, the Managing Director of the International Monetary Fund, the President of the World Bank Group, distinguished governors, ladies and gentlemen, good morning. Our country, Thailand, has long been the meeting place of people, cultures, and ideas. Centuries ago, Ayutthaya, our ancient capital, was a thriving center of international commerce and diplomacy, connecting East and West. The then-Siam prospered not by standing apart from the world but by being connected to it. The spirit of openness has endured. In the year 1991, we hosted the annual meetings of this similar type at a time when the world was moving towards greater economic integration. Today, 35 years later, we welcome the world back to Bangkok and to this very convention center, originally built for this event back in 1991.
But the world we meet in today is markedly different from the one we knew 35 years ago. Back then, the fax machine represented speed. Today, AI is transforming our activities and our way of life. The world was moving towards greater economic integration. Today, geopolitical fragmentation is reshaping trade and investment. And while environmental protection was once an emerging concern, climate change has become one of our greatest challenges. The world has changed profoundly, and challenges of this scale require us to respond together. And that is why our theme, Thailand's New Horizon: Empowering People, Building Resilience, speaks not only to Thailand's future but to the future of us all. Resilience grows through trusted connections, open trade, access to technology and finance, partnerships that help countries learn from one another. The annual meetings of 1991 left a lasting legacy. This convention center is one visible reminder. But the more important legacy was the commitment to international dialogue and cooperation at a moment of profound global change. Today, the challenges may be different, but our responsibility remains the same. Meetings and legacies continue. So, what legacy should Bangkok 2026 leave behind? For Thailand, the answer begins with a role we know well: to connect. We can connect markets across regions, capital with opportunities, and technology with talent. Through ASEAN, Thailand can bring regional partners together and connect them with the wider world. We believe regional cooperation and global engagement should reinforce one another, opening opportunities for trade, investment, and shared development. Most importantly, this connection must reach people, helping business grow, building skills, and creating opportunities that improve everyday lives. Empowering people means ensuring that more communities can take part in and benefit from economic transformation. Together with the IMF and the World Bank, and our partners, and all of us here, let us turn dialogue into partnerships and finance into opportunities. Let us ensure that decisions taken here lead to stronger economies and better opportunities for people. Ladies and gentlemen, centuries ago, Ayutthaya, our ancient capital, connected Thailand to the world. Bangkok can help connect countries around a shared purpose, making the global economy work for more people. Let us make this meeting count for people across our countries. We see each other again in the next 35 years here. Thank you very much.
In 1991, the world came together in Bangkok for the IMF-World Bank Annual Meetings, and the fund on the very difficult issue of balancing the needs. A lot has changed in 35 years: how we work, trade, communicate, the way we see the world. Now here we are again, together, inspired by Asia's remarkable transformation, looking toward new horizons. The challenges might be different, but the mission is still the same: providing firm foundations to build and grow, a source of stability, helping countries build resilience in an uncertain world. We are partners in progress, offering insight, analysis and advice, knowledge sharing, capacity development, and lending, making investments so all benefit from a brighter tomorrow. And in a world that's always moving, we're adapting too, listening, learning to mobilize markets, people, and jobs, to harness new technologies to lift people up. Because the work connecting people, ideas and capital never stops. The desire to make life better, the push toward innovation and growth for a future where everyone prospers.
Thank you, Mr. Prime Minister, for your remarks and for taking the time to join us today. We are very honored and grateful for your presence. So inspiring video, really. Now, as is customary in these meetings, for the chair to address the governors, I should proceed this way.
Excellencies, honorable governors, distinguished colleagues, it is an honor to welcome you to the 2026 Annual Meetings of the International Monetary Fund and the World Bank Group. Let me start by expressing my deep gratitude to the Thai authorities and people for their incredible hospitality and organization of these meetings. I would also like to offer my sincere condolences to the royal family and to the people of Thailand during this period of national mourning, and express our solidarity with the people of Bangkok for the loss of life and damage caused by the recent flooding. 35 years ago, the IMF and the World Bank Group convened in Bangkok for the annual meetings in this very convention center. Since then, Thailand has undergone a remarkable transformation, but the dynamism and warmth of the Thai people have remained constant. We meet at a precarious time. War and geopolitical tensions, global debt, trade frictions, natural disasters, and climate risk are amplifying economic uncertainty. Our shareholders are confronting an increasingly constrained financing environment. Emerging markets and developing economies are facing the weakest per capita income growth since the pandemic, and rising debt is driving up borrowing costs, affecting governments, businesses, and the everyday lives of people. The challenges we face are impossible to solve alone, and this is why we are here. It's because we believe in the power of collective action, and because the IMF and the World Bank Group are invaluable partners to us on this journey. I know firsthand what partnership with these essential institutions can deliver. Only a few decades ago, Paraguay stood at an economic crossroads with a sharp recession, steep currency depreciation, and double-digit inflation. With the IMF and World Bank Group by our side, the Paraguayan people embarked on a decades-long journey of homegrown economic reform and development. With IMF support, we not only restored macroeconomic stability and strengthened fiscal institutions, but we also built capacity that helped us weather several shocks that we have all experienced in recent years. At the same time, the World Bank Group supported Paraguay's development by investing in our people and strengthening and building critical infrastructure. Today, Paraguay is one of the fastest-growing economies in South America, and our strong track record of economic policymaking has earned us investment-grade status for the first time in our history.
But as the world changes, our institutions, frameworks, and tools must also adapt. Just this year, the IMF and World Bank Group collaborated on important reviews of joint work that will affect how they serve members for years to come. The joint reviews of the debt sustainability framework for low-income countries and the Financial Sector Assessment Program incorporated profound changes in the financing landscape for low-income members. These reviews also strengthen early warning capacity with stronger coverage of emerging risks in the financial sector and cybersecurity. The IMF also completed the comprehensive surveillance review and the review of program design and conditionality, which will make its surveillance and lending more responsive, tailored to country needs, and impactful. Complementing these efforts, the IMF is advancing its work on understanding global imbalances. The World Bank Group has taken significant steps to simplify its operations and processes and to mobilize far more private capital while making job creation the centerpiece of its development agenda. The results speak for themselves. In fiscal year 2026, the World Bank Group more than tripled its private capital mobilization. This capital is delivering tangible impact, driving economic growth, creating jobs, and transforming people's lives. In addition to creating jobs, we must prepare for the future. We are all seeking to understand how best we can use artificial intelligence to drive growth, make work more efficient, and push the frontiers of innovation. I am pleased to see that the IMF and the World Bank Group are moving forward and featuring this topic prominently at these meetings, from helping countries manage the macroeconomic and labor market implications of AI to providing development strategies for small AI. Both institutions are focused on helping members harness the potential of this technology while balancing its risks. We are at a consequential moment, but the global economy has navigated momentous shifts before. When Bangkok last hosted the annual meetings, few could have predicted the vast progress the next 35 years would bring. The future may be uncertain, but the actions we take today will help define it. Together, let us set a course toward another 35 years of shared prosperity and transformative growth. Thank you.
Well, let us now turn to the formal business of the institutions. We have before us the reports and recommendations of the Joint Procedures Committee. Report one covers the business of the Fund. Report two covers the business of the IBRD, IFC, and IDA, and report three concerns matters of common interest to all organizations. We also have the report of the Procedures Committee of the Multilateral Investment Guarantee Agency. On the recommendation of the Joint Procedures Committee and the MIGA Procedures Committee, I propose the adoption of these reports and the recommendations contained therein. As there is no objection, the reports and recommendations are adopted. On matters related to the International Center for Settlement of Investment Disputes, I ask Mr. Banga, as chair of the Administrative Council, to take the floor.
Thank you very much, Chair. The annual meeting of the ICSID Administrative Council is now open, and Mr. Akumar Kapoor will introduce the items for consideration by the council.
Thank you, Chair. Congratulations to ICSID on its 60th anniversary and the first regional office in Singapore. Welcome to Honduras as the 159th contracting state. There are two items on the ICSID agenda this year that call for the adoption of resolutions by the council. First, to approve the 2026 ICSID Annual Report, and second, to adopt the administrative budget for fiscal year 2027. The draft resolutions have been distributed to members earlier. It is proposed that the draft resolutions of the ICSID 2026 Annual Report and the ICSID administrative budget for fiscal year 2027 be adopted. So I take it that the two resolutions are adopted, and the 2026 annual meeting of the ICSID Administrative Council is now adjourned. Thank you very much.
