IMF members urge more support for countries hit by war spillovers; statement avoids the term "AI"

Member countries of the International Monetary Fund called for more support for countries facing short-term financing problems caused by the spillovers of wars and high energy prices, Reuters reported from the IMF and World Bank annual meetings in Bangkok on Saturday, 17 October.

What the statement says

• Economic risks “remain tilted to the downside”, according to the statement issued by the chair of the International Monetary and Financial Committee (IMFC), Saudi Finance Minister Mohammed Al-Jadaan. The IMFC is the main steering committee of the 191-member fund.
• Escalating conflicts and trade tensions could further disrupt critical trade routes, push up commodity prices, including refined energy products, and worsen energy and food security, the statement warned.
• Rising bond yields in major economies that spill over to highly indebted countries, together with the uncertain impact of “advanced intelligence technologies”, “could amplify macro-financial vulnerabilities”.
• Members agreed to support countries that carry out reforms and tackle debt problems, with special attention to low-income and vulnerable middle-income countries and conflict-affected states. Several members gave assurances of support for the IMF’s Poverty Reduction and Growth Trust.

The wording dispute

Earlier in the week the United States had pressed other members to call artificial intelligence “super intelligence”, in line with President Donald Trump’s preferred term, a senior US Treasury official told Reuters. The final chair’s statement did not mention “artificial intelligence” at all and used “advanced intelligence technologies” instead. Al-Jadaan told Reuters the language was agreed by all members.