Luxembourg Highlights Role of Cooperation, Signs MoU with Botswana at IMF, World Bank Meetings

Luxembourg's Minister of Finance, Gilles Roth, attended the Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, DC in the United States from Wednesday 23 to Saturday 26 April 2025.

As reported by Luxembourg's Ministry of Finance, finance ministers and other representatives of the 191 member countries gathered in the US capital in a spirit of cooperation, amid an uncertain geopolitical and geoeconomic context. More than 10,000 participants attended the meetings.

After the meetings, Minister Roth commented: "Cooperation is the motto I take away from the 2025 Spring Meetings. All the finance ministers present agreed that we can only move the global economy forward together. Cooperation is stronger than confrontation. It creates stability, growth and prosperity for our citizens and our economies. In the future, we will further develop this collaboration."

The ministers discussed the global economic outlook, the risks of fragmentation and the energy transition. Minister Roth participated in a meeting between IMF Managing Director Kristalina Georgieva and European policymakers. The focus was on improving competitiveness in Europe. The minister also held meetings with other representatives of the IMF and the World Bank.

On the sidelines of the Spring Meetings, Luxembourg's Finance Minister also held several bilateral meetings. These included meetings with the Prime Minister and Minister of Finance of Liechtenstein, Brigitte Haas, the Deputy Prime Minister and Minister of Economy and Finance of South Korea, Choi Sang-mok, the Minister of Economy and Finance of Ecuador, Sariha Belen Moya, the Minister of Finance of Curaçao, Javier Silvana, and the Deputy Minister of Finance of Thailand, Paopoom Rojanasakul. The objective of the meetings was to enhance bilateral cooperation with a view to achieving concrete results, noted the Luxembourg ministry.

Some agreements were signed during the 2025 Spring Meetings. For example, during a bilateral meeting between Minister Roth and Botswana's Vice President and Minister of Finance, Ndaba Gaolathe, the two countries signed a memorandum of understanding to strengthen their ties. Within the framework of the World Bank, Luxembourg renewed its support for the Global Tax Program to strengthen the administrative capacity of tax authorities in developing countries. Minister Roth also met with Ilan Goldfajn, President of the Inter-American Development Bank (IDB), to review the progress of negotiations to become an IDB member.

During the traditional dinner for the heads of the major multilateral development banks at the Embassy of Luxembourg, Minister Roth emphasised the importance of multilateralism. He highlighted the supportive role of Luxembourg and its financial centre. A technical cooperation agreement was renewed with the President of the European Bank for Reconstruction and Development, Odile Renaud-Basso.

Following the Spring Meetings, the discussions at the 51st plenary meeting of the International Monetary and Financial Committee (IMFC) focused primarily on geopolitical stability, tariffs, growth forecasts, member countries' indebtedness, and the growing fragmentation of economies.

"Yet, I am cautiously optimistic about the future. The glass of global growth is half full. Recovery is possible if we continue to work together in a multilateral spirit. I have confidence in that. In the interest of citizens," concluded Minister Roth.

After Washington, Minister Roth will travel to São Paulo and Brasilia, Brazil, from Sunday 27 April to Thursday 1 May 2025, as part of a financial mission with Luxembourg for Finance (LFF). The trip will conclude with a meeting with the Brazilian Minister of Finance, Fernando Haddad.