Good afternoon, everyone. Thank you for joining us. My name is Julie Kack, and I'm the director of communications at the IMF. Welcome to this press briefing of the IMF here in Bangkok at the conclusion of the IMF World Bank Annual Meetings. Let me begin by thanking our Thai hosts for their warm hospitality.
And I'm delighted once again to have with me here today the chair of the IMF, His Excellency Mohammed Al-Jadaan, Minister of Finance of Saudi Arabia, and Managing Director of the IMF, Kristalina Georgieva. They will first share with you their reflections on the IMFC meeting, and then we will turn to you for your questions. Your Excellency, the floor is yours.
Thank you very much, and welcome everyone, and good afternoon. Let me begin by expressing my and our sincere appreciation to the government and the people of the Kingdom of Thailand for hosting this annual meeting and for the really brilliant and excellent and warm hospitality.
I would like also to really thank all the IMFC members, Kristalina, and all of the IMF staff for their diligence and collaborative work. The global economy continues to undergo profound challenges while demonstrating remarkable resilience. However, mounting challenges are testing economic stability and weighing on growth prospects.
Wars and conflicts are imposing a heavy humanitarian toll with significant economic cost and spillovers. Disruptions to critical waterways and trade routes also threaten energy and food security. Trade tensions and supply chain disruptions are increasing uncertainty and price pressures. High public debt and rising sovereign bond yields are amplifying the financial vulnerabilities and tightening financial conditions.
Meanwhile, artificial intelligence offers significant opportunities to boost productivity. But — and there's always a but — when it comes to AI, it also carries risks that could widen economic disparities. These challenges are especially acute in low-income countries and fragile states. The message from the IMFC members is clear: there is no room for complacency.
Fiscal authorities need credible medium-term plans to rebuild buffers while protecting both vulnerable populations and growth-enhancing investments. Central bank independence is essential to price stability and policy credibility. Structural reforms must support private sector-led growth and investment. And international cooperation remains critical to addressing excessive global imbalances and trade tensions.
Managing public debt is another important priority. Members reaffirm their commitment to a more timely, predictable, and coordinated debt restructuring, including through the G20 Common Framework. I'm also pleased with the several other important areas of consensus.
First, members underscored the importance of secure and resilient energy flows and to uphold the principles of freedom of navigation as essential to global economic stability. Second, members emphasized support for countries facing debt vulnerabilities and stressed the need for stronger IMF capacity to support low-income countries.
Third, members welcomed the comprehensive IMF policy reviews covering surveillance, data analysis, lending, and capacity development, and they called for their prompt, effective, and even-handed implementation. Importantly, members reaffirmed their commitment to a strong, quota-based, and adequately resourced IMF.
To this end, the DEA guiding principles will guide all future discussions on quota and governance reforms, ensuring the Fund remains effective and representative of its membership. As always, international cooperation remains essential. Lasting stability and prosperity can only be achieved through greater economic integration, not fragmentation.
In this complex global environment, the IMF continues to play an incredibly indispensable role. We strongly support the Fund and stand behind its management in these very difficult times, and we deeply appreciate the Fund's excellent work and ongoing support to its entire membership. I'll stop here and give you the floor, Kristalina. Thank you.
