Peruvian Capital Picked for IMF and World Bank Meetings in 2015

Peru will host the International Monetary Fund and World Bank annual meetings in Lima in October 2015, the first time the talks have been held in Latin America since Rio de Janeiro in 1967.

The World Bank announced the decision in an e-mailed statement on Sept. 14. This year’s meetings are set for Tokyo next month. In 2013 and 2014, the summits will be held in Washington, where the groups are based. The meetings normally move to a different global city every third year.

The IMF has received criticism from governments in Latin America for imposing conditions on financial rescues that leaders said crimped growth in later years. In Argentina, President Cristina Fernandez de Kirchner blames the lender for pushing policies that she says led to the nation’s $95 billion bond default in 2001.

For World Bank President Jim Yong Kim, 52, who in July succeeded Robert Zoellick at the end of his five-year term, the summit will mark a return to a nation where the doctor and HIV/AIDS specialist helped develop a treatment program for multi drug-resistant tuberculosis. In 1987, while at Harvard University, Kim co-founded Partners in Health, a nonprofit organization that has opened clinics in countries including Peru and Haiti.

Kim, the former president of Dartmouth College, leads a poverty-fighting institution that distributed about $53 billion worth of loans last year. The World Bank was created at the end of World War II to help rebuild ravaged Europe. Now focused on developing countries, it targets its lending for projects from road-building to education programs. The bank has also expanded its scope to include taking stakes in companies and guaranteeing investments.

Emerging-market nations including Brazil and Mexico, Latin America’s largest economies, have lobbied for a bigger voice in the IMF and World Bank. Mexican central bank governor Agustin Carstens campaigned to become managing director of the IMF last year, losing to French Finance Minister Christine Lagarde. African nations supported Nigerian Finance Minister Ngozi Okonjo-Iweala over Kim for the World Bank’s top post.

To contact the reporter on this story: Eric Martin in Mexico City at emartin21@bloomberg.net

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net

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