Positive Signals for Luxembourg as Minister Roth Returns from US

Luxembourg's Minister of Finance, Gilles Roth, has been on a trip to the United States from Sunday 20 to Friday 25 October 2024, with the Minister and his team participating in a financial mission to New York from 20 to 23 October with Luxembourg for Finance; he subsequently attended the annual meetings of the IMF and the World Bank in Washington DC.

His encouraging assessment following his trip to the United States was "positive signals for Luxembourg and its financial centre in New York and new growth impulses for the global economy at the annual meetings of the IMF and the World Bank in Washington." 

In the capital of global finance, the minister met with the heads of major American financial institutions, in particular to discuss their activities in Europe. He also met with representatives of the New York Stock Exchange and the United Nations Development Programme (UNDP) for a discussion focused on sustainable finance.

Positive feedback from US financial institutions

Minister Roth commented: “The United States is one of our main markets, with 20% of assets under management in the fund industry alone. All the major US financial institutions are now present in Luxembourg, with the financial centre acting as a centre of expertise for these groups. Several US banks have recently joined us because we are experiencing strong growth, particularly in the field of alternative funds. In addition, I received positive feedback from all my interlocutors on their activities in our country.”

In an uncertain macroeconomic environment, the Finance Ministers of the 191 Bretton Woods member countries focused on boosting global growth, mobilising the private sector and creating jobs. Other topics discussed were high debt levels, green and digital transitions and the fight against poverty.

Double Taxation Agreement with Argentina and Productive Atmosphere

On the sidelines of the annual meetings, Minister Roth signed a double taxation agreement with his Argentinian counterpart, Luis Caputo. Minister Roth also met with Liechtenstein Prime Minister and Finance Minister Daniel Risch, and he discussed geo-economic developments with the Ukrainian representative to the IMF, Vladyslav Rashkovan. Together with his European colleagues, he attended a dinner hosted by IMF Managing Director Kristalina Georgieva. Finally, the minister was able to discuss with representatives of the financial sector about future opportunities for Luxembourg and Europe.

"The atmosphere here in Washington at the IMF and the World Bank was very productive. It is important to revive global growth now. To maintain a strong social state for our citizens," concluded Minister Roth.