From October 13 to 15, 2021, Federal Councillor Ueli Maurer is in Washington to represent Switzerland at the G20 Finance Ministers Meeting and the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group. Thomas Jordan, President of the Governing Board of the Swiss National Bank, will take part via video link. The meetings will focus on taxing the digital economy and boosting the economic recovery following the COVID-19 pandemic.
The meeting of G20 Finance Ministers and Central Bank Governors on 13 October 2021 will centre on the OECD project to tax large internationally active companies. Federal Councillor Ueli Maurer will reiterate that the interests of Switzerland and other smaller countries should be taken sufficiently into account, and that the timeframe for implementing new OECD rules must respect the legally prescribed national procedures. Another topic of the meetings is the potential expansion of the IMF toolkit for boosting sustainable growth in vulnerable countries.
IMF and World Bank Annual Meetings
The IMF’s Joint Ministerial Committee will address the economic policy challenges and the need for action by the IMF to achieve a lasting economic recovery following the COVID-19 pandemic. Switzerland is calling on the IMF to focus on sound economic conditions in member states, in order to support a robust and lasting recovery. In particular, it wants the use of IMF financing instruments and the creation of any new ones to be done with a view to financial soundness and the IMF’s purpose and mandate.
In the Development Committee, Switzerland will welcome the measures taken by the World Bank Group to strengthen resilience and achieve lasting and inclusive development. In particular, the World Bank should support the transition from fossil fuels to renewable energies, the mobilisation of investments in crisis prevention and preparedness, and the fight against inequality. This will make an important contribution to the 2030 Agenda and the Paris Climate Agreement. Switzerland also supports the International Development Association (IDA) Voting Rights Review, which will strengthen the voting rights of recipient countries and longstanding donor countries such as Switzerland over the medium term.