Historic First for the Maldives: Governor Ahmed Munawar Chairs World Bank- IMF Meeting

In a historic first, Maldives Monetary Authority Governor Ahmed Munawar chaired the World Bank – IMF Annual Meetings Board of Governors, marking the first time in the 80-year history of the Bretton Woods Institutions that a Maldivian official has taken on this leadership role. This significant milestone, occurring during the 80th anniversary of the IMF and World Bank, underscores the institutions' evolving commitment to inclusivity, bringing smaller nations like the Maldives into the forefront of global economic discussions.

Opening the plenary session, Governor Munawar extended a warm welcome to IMF Managing Director Kristalina Georgieva, beginning her second term, and World Bank President Ajay Banga. Reflecting on the words of the inaugural Chair of the Annual Meetings, U.S. Treasury Secretary John W. Snyder, Munawar emphasized the lasting responsibility these institutions hold toward fostering stability and hope in times of global crises. “For 80 years, the IMF and World Bank have remained beacons of hope, managing global crises from wars to pandemics,” Munawar said. He praised the resilience of the global economy, noting signs of a “soft landing” with inflation moderating, but he warned against complacency in the face of ongoing uncertainties and geopolitical tensions.

In his address, Munawar urged the Bretton Woods Institutions to continue adapting their approaches to meet the unique needs of each member country. “As the Bretton Woods Institutions plan for the future, they should tailor their advice and activities to meet the specific needs and capacities of each member,” he remarked. “If we fail to do this, we fail the people we represent, as the first Annual Meetings Chair, John Snyder, wisely reminded us 80 years ago.”

Highlighting the challenges ahead, Munawar addressed climate change, debt sustainability, and the necessity for structural reforms. Representing a Small Island Developing State (SIDS), Munawar underscored the Maldives' vulnerability to climate change and the urgent need for affordable climate finance to build resilience. “The Maldives aims to have 33% of its electricity from renewable sources by 2028,” he stated, though he noted that financing remains a challenge, with only 13% of the required $1.3 billion pledged to date.

On debt sustainability, Munawar called for bold steps from the IMF, World Bank, and Multilateral Development Banks (MDBs) to assist countries facing high debt risks. He proposed innovative measures such as debt-for-climate swaps, which would exchange debt relief for investments in climate adaptation. Additionally, he advocated for reforms that are socially inclusive and aimed at promoting job creation and economic diversification in emerging markets.

Munawar’s role as chair highlighted a strong message of multilateral cooperation, which he cited as essential for addressing today’s global economic challenges. Welcoming Liechtenstein as the IMF’s 191st member and acknowledging the addition of a 25th chair for Sub-Saharan Africa at the IMF Executive Board, he called on fellow Governors to champion gender diversity and equity across member states.

As he closed, Munawar reminded the assembly of their shared commitment to macroeconomic stability, prosperity, and cooperation. Let us remind ourselves of our unwavering commitment to macroeconomic stability, prosperity, and cooperation,” he said. This milestone not only marks a new chapter for the Maldives on the global economic stage but also reaffirms the Bretton Woods Institutions' mission to be responsive to the unique needs of all member countries.

Since last year, the Maldives has held the chair, with the Maldives Monetary Authority privileged to represent the country in this role.