World Bank, IMF kick off Joint Development Committee meeting

WASHINGTON, April 26 -- The World Bank and

the International Monetary Fund (IMF) on Sunday kicked off the semi-annual

session of their Joint Development Committee in the World Bank headquarters in

Washington.

The session, known as the 79th meeting of the

Development Committee, started at 9:45 a.m. EDT behind closed doors to discuss

the implications of the global economic crisis for developing countries and the

role of international financial institutions.

The Development Committee meeting was convened as the

spring session of the World Bank and the IMF entered its second day. The weekend

session began at a time when the world is haunted by the worst economic downturn

since the Great Depression in the 1930s.

Each spring, the Joint Development Committee and the

IMF's International Monetary and Financial Committee hold meetings to discuss

progress on the work of the World Bank and the IMF.

The joint committee is composed of 24 ministers or

central bankers from both rich and poor countries, representing the entire

membership of the two international financial institutions.