IMF-World Bank Istanbul meeting to map out future economic order

Core decision-makers of the global economic system this week are starting major deliberations to create a blueprint to rid the system of its weaknesses and draw up a new roadmap in Istanbul at the annual meetings of the Boards of Governors of the International Monetary Fund and the World Bank. The Istanbul gathering has been widely painted as the most important gathering in recent times, as it offers the main platform for discussion for the world economy's top-notch actors. Expectations are that a better system will be created, free of the faults that triggered the current troubles, now that signs say the worst economic crisis since the Great Depression has started to wither away. Many experts expect that this year's summit will lay down the most basic pillars of a new global economic order. The meeting will make Turkey the only country to have hosted the annual meetings twice. The event has brought together nearly 13,000 people, including central bankers, finance and development ministers, and private sector executives and academics. Among the topics to be discussed are measures to overcome the crisis, a new world economic outlook, eradicating poverty, economic development and the effectiveness of aid. IMF and WB officials will ask its stakeholders about ways to strengthen the global financial system. Officials from both international organizations will also discuss the effectiveness of IMF loan programs and World Bank financial support.