Finance leaders stumble on Israel-Gaza war shock as IMF, World Bank advance reforms

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MARRAKECH, Oct 17 — Global finance leaders’ paralysis in coming to grips with the fallout from the Hamas attack and Israel’s response last week exposed deep geopolitical...

IMF Managing Director Kristalina Georgieva did not mention the new conflict at opening events. Later, as Israel’s retaliatory strikes mounted, she struggled to address it, describing it as a human tragedy but a vague source of economic uncertainty.

In private conversations at the meetings, the Israel-Gaza conflict’s implications were front and centre, from a new refugee crisis to trade impacts and the threat of fighting in Lebanon and the West Bank, participants from finance groups to non-profits told Reuters.

“The Israeli-Palestinian conflict is even more controversial — almost impossible to reach consensus,” the official said. Senior World Bank Group officials were more pointed in a statement to staff, saying they were “shocked and appalled by the unprecedented escalation of violence in Israel and Gaza.” The IMF’s steering committee agreed to boost quota funding by year-end, leaving the door open to doing so without adjusting its shareholding structure to give China more votes, while a US$3 billion fundraising goal for its poor-country trust fund was met.

 

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