The 2025 Annual Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), held from 13 to 18 October in Washington, D.C reaffirmed that job creation lies at the heart of sustainable development – while religion, ethics, and inclusive collaboration are essential for grounding economic commitments in a human-centered framework.
The 2025 Annual Meetings brought together high-level leaders and representatives from governments, international institutions, the private sector and civil society. Credits: PaRD/2025 IMF Photo
Global leaders and faith-based partners converge amid uncertainty
Among the participants were World Bank Group President Ajay Singh Banga, IMF Managing Director Kristalina Georgieva, as well as finance ministers and central bank governors from across the globe – including the Syrian Finance Minister, who joined discussions on reconstruction and development needs. Also in attendance was Ruth Porat, President and Chief Investment Officer of Alphabet and Google, who contributed perspectives on technology, innovation, and private sector investment in sustainable growth. From Germany, Minister for Economic Cooperation and Development Reem Alabali-Radovan and Finance Minister Lars Klingbeil also participated, underscoring Germany’s continued commitment to global cooperation and inclusive growth.
The gatherings took place against a backdrop of rising global debt, slowing growth, and intensifying geopolitical tensions. The WBG’s mandate remains to fight extreme poverty and promote shared prosperity, while the IMF continues its focus on safeguarding the stability of the international monetary and financial system – through financial assistance, policy advice, and surveillance.
Religion at the Annual Meetings
For PaRD, Washington 2025 marked an important milestone in demonstrating how faith-based actors can help bridge global frameworks with local realities, ensuring that well-being, dignity and environmental protection are shared by all.
At one of the main Town Hall discussions, Ajay Singh Banga acknowledged the vital role of faith-based organisations (FBOs) in advancing sustainable development. He emphasised that these actors, deeply rooted in local communities, are key stakeholders in achieving lasting impact – and affirmed that the World Bank fully supports their engagement, provided they act with impartiality and inclusiveness.
Banga said: “This task is so big that I think the idea of not taking everybody in who can help you is a really dumb thing to do. If you’re willing to help me in a way that doesn’t interfere with anybody’s rights or privileges, I will accept your help one, two, three, four, five times over. But if you want to do it in a way that enforces one way of thinking, that would be inappropriate for me because somebody else there will say that’s not okay. I need to be inclusive with you, and I would love your help because in fragile situations and conflict-ridden situations, which unfortunately have gone up in the last years. […] all these guys will tell you that in the last five, seven, eight years things have got worse, not better on fragility. Very often, our ability to reach people in those countries is hamstrung by our own structure and people. You [FBOs] on the other hand very often are there. So, working with you is fine, and others like you. You will see me very open to the idea of pushing for working with you for all the right reasons.”
Job creation takes center stage
A defining theme of this year’s meetings was job creation. President Banga described jobs as the “North Star” of the World Bank’s development agenda, framing employment not just as an economic outcome, but as the foundation of dignity, stability, and peace. Under this approach, the Bank aims to move beyond isolated development projects toward nurturing entire economic ecosystems that generate sustainable employment across sectors. The message was clear: development success will increasingly be measured not in loan volumes or growth rates, but in the number and quality of jobs created.
Debt distress and transparency dominate financial discussions
Both institutions highlighted mounting debt burdens – particularly in developing and emerging economies – and called for greater transparency and predictability in debt treatment. Banga urged a scaling-up of debtor reporting systems and faster restructuring under the G20 Common Framework, while Georgieva warned that “growth is slow, debt is high, and the risks of financial instability are rising.” While commitments to debt frameworks and multilateral coordination were reaffirmed, the meetings produced few new instruments or mechanisms, signaling that substantive progress on debt relief will require continued political will.
Uncertainty is the new normal
For the IMF, the phrase “uncertainty is the new normal” captured the mood. Georgieva noted that while the global economy has shown resilience, underlying vulnerabilities – ranging from financial sector fragility to shifting trade patterns – persist. The IMF and World Bank both urged countries to strengthen resilience through prudent fiscal policies, stronger private sectors, and diversified growth models. Yet, observers noted that concrete steps remain limited, reflecting the cautious tone of this year’s proceedings.
Trade, technology, and transformation
Amid concerns about fragmentation in global trade, Georgieva emphasised the importance of keeping markets open and trade functioning as an engine of growth. Delegates acknowledged, however, that geopolitical shifts and technological change are forcing countries to rethink their economic models. The meetings devoted significant attention to digitalisation and innovation – from artificial intelligence to infrastructure for the digital economy. Both institutions underlined the dual nature of technology: a catalyst for inclusion and productivity, but also a source of inequality and disruption if not managed responsibly. As a result, the WBG and IMF pledged to prioritise skills development, digital inclusion, and private capital mobilisation to prepare economies for the jobs of the future.
Linking climate action and job creation
Climate resilience and sustainability remained cross-cutting themes. Discussions explored how green infrastructure, nature-based solutions, and climate finance intersect with employment and growth. The World Bank reaffirmed that job creation goes hand in hand with investment in health, manufacturing, agribusiness, and infrastructure, while announcing commitments to scale up climate-sensitive financing through initiatives such as the Livable Planet Fund.
A related event during the week, AgriConnect, introduced the World Bank Group’s new initiative on turning small-scale farming into an engine of lasting growth, jobs, and food security. On LinkedIn, Peter Prove, Director of the World Council of Churches reflected on the event:
Happy to hear the clear and repeated focus on #smallholder farmers in this event on #AgriConnect, World Bank Group’s new initiative “to turn small-scale farming into an engine of lasting growth, jobs, and #foodsecurity.” As the event acknowledged, family farms—which include half a billion small farmers—produce about 80% of the world’s food, but without modern tools and access to markets, many are trapped in #poverty. Less happy at the lack of reference to #agroecology and sustainable food production based on local natural inputs, and the assumed necessity of external commercial inputs from companies like Bayer.
Although new funding pledges were modest, the emphasis on integrating environmental and employment goals marked a shift toward a more holistic development framework.
Fragility and reconstruction: stability as a precondition for peace
The meetings also underscored the importance of responding to fragile and conflict-affected contexts. In his plenary address, Banga referred to reconstruction efforts in Gaza and Ukraine, positioning the World Bank as ready to support long-term recovery and resilience. There was a growing recognition of the nexus between peace, jobs, infrastructure, and development, with early steps taken to mobilise expertise and strengthen partnerships in crisis response.
Dialogue with the World Bank on partnerships with religious actors
In addition to the major policy debates, faith engagement and ethical perspectives featured prominently in this year’s Annual Meetings. The PaRD Secretariat, represented by Khushwant Singh, and PaRD members, among others Peter Prove from WCC and PaRD Steering Board Member, Professor Katherine Marshall from the Berkley Center, and Imam Abdulkareem Majemu Shefiu from Nigeria participated in various sessions highlighting the crucial role and contributions of faith-based organisations (FBOs) in inclusive and sustainable development.
Khushwant Singh gave an input on PaRD and ways to collaborate with the World Bank in an exchange hosted by Roya Rahmani, Director of Global Engagement and Partnerships at the World Bank, and Cara Santos Pianesi, the Bank’s Faith Engagement Lead. Participants included representatives from World Vision International, Catholic Relief Services, the Berkley Center, Accord Network, Christian Aid, Bread for the World, the World Council of Churches (WCC), the Buddhist Tzu Chi Foundation, ACWAY, Boston Islamic Seminary, the Aga Khan Fund, and other FBOs. The meeting explored how faith-based networks can contribute to social inclusion, governance, and peacebuilding – and how structured collaboration with multilateral institutions can enhance development effectiveness in fragile contexts.
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More InformationAt a Town Hall discussion, World Bank Group president Ajay Singh Banga acknowledged the vital role of religious actors in advancing sustainable development (see 17:45 to 19:16). Credits: World Bank Group
Faith Matters: Driving inclusive development
The session “Faith Matters: Driving Inclusive Development in Fragile and Hard-to-Reach Contexts through Faith-Based Collaboration” was organised by World Vision International, Catholic Relief Services, Islamic Relief Worldwide, and the Berkley Center for Religion, Peace and World Affairs at Georgetown University. Discussions emphasised how faith-based organisations, through their deep community networks, trust, and moral influence, can help deliver inclusive development in regions often inaccessible to other actors.
Jubilee 2025: A Call for a fair debt architecture
The session “A Jubilee 2025 Call for a Fair Debt Architecture: Bridging Ethics and Policy” – organised by the All Africa Conference of Churches, Caritas Internationalis, CAFOD, Catholic Relief Services, Initiative for Policy Dialogue (IPD), Islamic Relief Kenya, Maryknoll Office for Global Concerns, Suramericana Vision, and the World Council of Churches (WCC) – brought an explicitly ethical lens to debt justice and international finance.
Faith leaders and development experts discussed how moral frameworks rooted in compassion and justice can inform global debt architecture and ensure that financial policy serves human dignity.
