Global Economy’s Key Policy-Making Summit Begins Today

Hasan Sohel and Eklas Haque, from Bangkok, Thailand

The biggest and most powerful policy meeting of the world economy starts today, Monday. All preparations are complete for the annual meeting of the International Monetary Fund (IMF) and the World Bank. Thailand hosts a respected global event again after 35 years. More than 15,000 delegates from 191 countries are already in Thailand.

The delegates include finance ministers, central bank governors, development policymakers, private sector executives and researchers. Civil society leaders and business leaders are also there. They will talk about the global economy, financial stability and poverty reduction for a full week. The meeting will run for one week in Bangkok, the capital.

To ease traffic in Bangkok, the government told staff in government offices to work from home on Monday, Wednesday and Thursday. It declared a regular government holiday on Tuesday. It also declared a special government and bank holiday on Friday. The authorities asked private companies to make suitable arrangements too.

Top leaders at the meeting include Swiss President Mr. Guy Parmelin and Singapore President Mr. Tharman Shanmugaratnam. This is the first visit to Thailand by a Swiss president in 22 years. A Bangladesh delegation also attends. Finance and Planning Minister Mr. Amir Khasru Mahmud Chowdhury leads it.

Finance and Planning Adviser Mr. Rashed Al Mahmud Titumir and Bangladesh Bank Governor Mr. Md. Mostaqur Rahman are also in the delegation. The Thai Ministry of Finance estimates the meeting can add 1.05 billion to 2.25 billion baht to the Thai economy. Thailand brings more than 320 electric vehicles (EVs) to carry delegates and cut carbon emissions.

The weather now worries the organizers. The Bangkok Metropolitan Administration (BMA) forecasts heavy to very heavy rain in Bangkok and nearby areas. This raises fears of waterlogging in several places. Still, Thailand is ready on all fronts, from transport management to security, to hold the event without trouble.

Thailand has also arranged environment friendly travel for the delegates. Mr. Phongsiam Mikhanthong, chief of the Tourist Police Bureau of Thailand, said about 500 tourist police officers will guard the venue. They will also guard the delegates’ hotels and tourist spots. Security includes plainclothes watch, regular patrols and drone monitoring.

Police will also protect the motorcades of important guests. The authorities said they will coordinate with the embassies of about 39 countries. They plan a joint system for the security and travel of foreign delegates. The system will also share the information they need.

Bangladesh in talks: old loan deal cancelled, new loan and own reforms

Bangladesh is at the center of talks at this meeting. Bangladesh will present its position on its own reforms and a new loan programme. The economy stands at a point where it wants fast growth. But it also depends on foreign loans and faces pressure from global unrest.

Finance Minister Mr. Amir Khasru Mahmud Chowdhury has already said Bangladesh will no longer accept any IMF condition. He said the government has cancelled the loan deal. He said, “We cancelled the IMF loan deal to stand on our own feet.” He said Bangladesh’s economy will reach one trillion dollars in 2034 without help from donor agencies.

Mr. Amir Khasru said Bangladesh must now move “from High Street to World Street” to keep pace with world class economies. He said the country must focus on the bond market, securitization and the equity market for long term funding. He said Bangladesh must cut its reliance on foreign funding. It must raise money from international markets.

He said the government cancelled the old IMF loan programme because the conditions were not acceptable. He said international investors and markets have responded well. Recently, the finance minister said, famous global investors met Prime Minister Mr. Tarique Rahman on Wall Street in the United States. He said they showed deep trust in Bangladesh’s transformation and economic steps.

Mr. Amir Khasru Mahmud Chowdhury said the government is taking steps to launch a dollar bond in New York. It is also taking steps to launch a Bangladesh dedicated fund in Hong Kong. He said global financial products like Samurai bonds and Panda bonds will change the financing structure of the public and private sectors.

The Prime Minister’s Finance and Planning Adviser, Mr. Rashed Al Mahmud Titumir, also does not want to follow reforms that others impose. He said the government inherited a fragile economy. It found the problems in banking, revenue and other financial areas. It then took up its own reform programme to fix them.

Mr. Rashed Al Mahmud Titumir said no international agency imposed these reforms. So Bangladesh will ask the World Bank and the IMF for help to carry them out. He said a political party has found the country’s problems by itself for the first time. He said the party made its programme from its election manifesto and political promises.

He also said multilateral lenders have already welcomed the reform programme. He asked everyone to join them and move the government’s programme forward. Financial sector analysts say own reforms have several benefits. The government can keep subsidies and incentives for local industry. It can also make the social safety net stronger.

The analysts also say own reforms will create room to cut the direct tax burden on people. The government aims to cancel the old loan and join a new loan programme with the IMF. Early talks are going on for a loan of 4.5 billion dollars under the new programme. The new programme will last three years.

The government may sign the new loan deal in December. The two sides are now bargaining over conditions. They talk about reforms in the banking and revenue sectors. They also talk about cutting government subsidies in several sectors. Responsible sources in the Ministry of Finance gave this information.

Earlier, in 2023, the IMF approved a loan deal of 4.7 billion dollars for Bangladesh. The Awami League government of that time asked for loan support by letter in 2022. Of the seven instalments, five have come, adding up to 3.64 billion dollars. Under the interim government in 2025, the programme grew by 800 million dollars to 5.5 billion dollars.

The current government did not want to continue it because of changed economic challenges and hard conditions. It told the IMF this at the spring meeting of the IMF and the World Bank this year. In early June, the government formally wrote to ask for a new loan programme. The IMF then issued a press release and welcomed the move.

After this meeting, an IMF delegation comes to Dhaka later this month. It will stay for about two weeks and review the overall state of the economy. It will also check the progress on the conditions of the earlier five instalments. All in all, people see the talks this month as Bangladesh’s first big test for a new loan.

Thailand’s economy may gain 2.25 billion baht

The Thai government believes the international meeting can also help the local economy. The Ministry of Finance of Thailand estimates that delegates’ spending can add 1.05 billion to 2.25 billion baht to the economy. Money can flow into local business and services as delegates spend on hotels, food and transport. The tourism and hospitality sectors can also gain from the event.

But along with the possible gains, the authorities now carry a big duty. They must handle traffic, security and pressure on the city. Thailand plans to use more than 320 electric vehicles to carry delegates and cut carbon emissions. This encourages environment friendly transport and cuts the impact of the meeting on nature.