Singapore hosted the 61st Annual Meetings of the Boards of Governors of the International Monetary Fund (IMF) and World Bank Group (IMF-World Bank) held at the Suntec Singapore International Convention and Exhibition Centre from 13 to 20 September 2006.[1] The IMF-World Bank meetings bring together the world’s financial leaders to discuss global issues such as the world economic outlook, economic development and poverty eradication. The meetings are usually held at the IMF-World Bank headquarters in Washington D.C. However, once every three years, the meetings are rotated to a different member country. Hong Kong was the last Asian country to host the meetings in 1997.[2]
Known as Singapore 2006, the week-long IMF-World Bank meetings was the biggest global event Singapore had ever organised at that time.[3] It was estimated that the meetings would generate revenue of at least S$170 million for Singapore in the form of contracts, business opportunities, tourism and retail receipts, and spending by financial institutions.[4]
The IMF-World Bank meetings in Singapore saw the gathering of over 20,000 participants comprising national delegates, finance ministers and central bank governors from 184 member countries.[5] Other participants included observers from inter-governmental agencies, members of civil society organisations (CSOs), IMF-World Bank staff, top representatives from global financial institutions, thought leaders and journalists.[6] Some of the prominent speakers at the Singapore meetings included the Governor of the People’s Bank of China Zhou Xiaochuan, Nobel Laureate in Economics (1998) Amartya Sen, the Chief Economics Commentator of the Financial Times Martin Wolf and Nobel Laureate in Economics (2001) Michael Spence.[7]
The key issues that were discussed during the 2006 IMF-World Bank meetings included global imbalances, the rising trend of globalisation and economic protectionism, and the importance of good governance in economic growth.[8] The meetings also witnessed a major reform in the IMF with the increase of voting rights of key non-Western members, namely China, South Korea, Mexico and Turkey.[9]
As the IMF-World Bank meetings in Singapore were held one year after the terrorist bombings in London, security was a major concern.[10] To deter terrorist attacks and to safeguard the safety of the participants, the police force, along with some 23,000 national servicemen, were deployed.[11] Tight security measures were also introduced to secure the premises, and strict conditions were laid down on how demonstrations could be staged.[12] For instance, protestors were only allowed to demonstrate within a specified area at the Suntec convention centre, and outdoor demonstrations were prohibited.[13]
The 2006 IMF-World Bank meetings provided an excellent opportunity for Singapore to promote itself to the world.[14] The organisers chose to present Singapore as a cosmopolitan society and showcased the structural improvements that Asian economies had made after the 1997 Asian financial crisis. A highlight of the fringe activities was the launch of the inaugural Singapore Biennale, a two-month long visual arts festival.[15]
References
1. Duffy, A. (2006, September 12). Money meetings. The Straits Times, p. 3; Layman's guide to the meetings. (2006, September 17). The Sunday Times, p. 13. Retrieved from NewspaperSG.
2. The Straits Times, 17 Sep 2006, p. 13.
3. The Straits Times, 12 Sep 2006, p. 3.
4. Lee, C. W. (2006, April 20). $170m bounty from IMF-World Bank meetings. Today, p. 32. Retrieved from NewspaperSG.
5. Monetary Authority of Singapore. (2007). Annual Report 2006/2007 (p. 45). Singapore: The Authority. Call no.: RCLOS 332.495957 MASAR-[AR].
6. The Straits Times, 17 Sep 2006, p. 13.
7. Monetary Authority of Singapore, 2007, p. 45.
8. The Straits Times, 17 Sep 2006, p. 13.
9. Loh, C. (2006, September 19). IMF makes history in S’pore. Today, p. 6; Monetary Authority of Singapore, 2007, p. 44.
10. Yin, J. (2006, August 31). Fortress Singapore. Today, p. 1. Retrieved from NewspaperSG.
11. Today, 31 Aug 2006, p. 1.
12. Today, 31 Aug 2006, p. 1.
13. Liaw, W. C. (2006, September 11). S’pore ‘can’t take chances’ with security. The Straits Times, p. 4. Retrieved from NewspaperSG.
14. Tay, E. (2005, March 9). Mega IMF meeting to showcase S'pore. The Straits Times, p. 3. Retrieved from NewspaperSG.
15. The Straits Times, 9 Mar 2005, p. 3.
The information in this article is valid as at 2014 and correct as far as we are able to ascertain from our sources. It is not intended to be an exhaustive or complete history of the subject. Please contact the Library for further reading materials on the topic.