October 21-26, 2024, His Excellency Soulivath Souvannachoumkham, Deputy Governor of the Bank of the Lao PDR (BOL) along with BOL delegation attended the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG), held officially in Washington, D.C., United States.

The meeting was jointly hosted by the IMF and the WBG with the aim of bringing together representatives from central banks, ministries of finance, the private sector, international organizations, and experts from IMF and WBG member 191 countries. They convened to discuss global economic issues, international financial stability, and economic development. Additionally, the meetings addressed pressing global concerns, including economic pressures across different phases, economic forecasts, poverty reduction, and the effectiveness of various forms of international aid. These discussions took place through various formats such as seminars, regional briefings, press conferences, and other panel discussion.

During this period, the Deputy Governor of BOL and the delegation participated in several important meetings, including the ASEAN Roundtable with the IMF Managing Director, the 55th Joint Governors' Meeting of the IMF-WBG South East Asia Constituency, as well as the International Monetary and Financial Committee (IMFC), to discuss global economic conditions, share views on risk management, and explore measures to address current economic challenges. 

Concurrently, the Deputy Governor took the opportunity to extend his appreciation for the ASEAN Summit meetings in 2024, the 44th and 45th sessions held in Lao PDR, and expressed his well wishes to Malaysia as they prepare to host the ASEAN Summit 2025, with hopes for continued success. In addition, the BOL delegation joined bilateral meetings with various IMF technical departments to consult on the economic situation in Laos as well as in the region.

According to IMF projections, global economic growth is expected to reach 3.2% in 2024 and 3.3% in 2025. While the global economy remains resilient, uncertainties due to geoeconomic fragmentation among major economies and escalating global debt–expected to reach 100% of 

global GDP by 2030–pose significant challenges.

IMF recommends that member countries adopt well-coordinated monetary and fiscal policies. In particular, monetary policies should focus on maintaining price stability, and the elevated interest rates may tighten financial conditions, especially for low-income and emerging economies facing substantial debt. IMF and WBG both pledge to continue supporting their member countries to stabilize the global economy, promote robust bilateral/multilateral cooperation, and mitigate environmental impacts, aiming to improve the quality of people's life globally.