International Monetary Fund Deputy Managing Director Li Bo emphasized that multilateralism remains a vital force for addressing global challenges, while calling for the IMF and World Bank to become more inclusive and representative.

Speaking at a forum on reshaping energy corridors during the World Economic Forum's 17th Annual Meeting of the New Champions in Dalian, Li acknowledged the significant pressures facing multilateral systems but noted that institutions like the IMF, World Bank, and International Energy Agency are striving to unite diverse stakeholders to tackle common issues.

He argued that multilateralism can still be effective because organizations such as the IMF and World Bank can bring together nations from the East and West, North and South, to collaborate, often finding solutions acceptable to all parties.

Li provided a concrete example, pointing to the IMF's recent successful fundraising round for the Poverty Reduction and Growth Trust. This fund offers zero-interest loans to low-income countries, requiring contributions from wealthier nations. He noted that contributions came from a broad coalition, including the Group of Seven, BRICS nations, and various emerging market countries in Asia and Africa, demonstrating how different blocs can unite for a common cause.

Secondly, Li stressed that the IMF and World Bank can function and operate with relative effectiveness precisely because they have earned the trust of member countries. This trust extends beyond advanced economies to include developing and emerging economies, which believe these institutions will provide support when needed. This confidence is rooted in a shared belief that multilateral bodies will continue to evolve, with the IMF actively incorporating diverse perspectives to foster inclusive cooperation. This trust, Li stated, underpins the legitimacy and rationale of the governance structures of the IMF and World Bank.

Li further discussed the need for the IMF and World Bank to continue their development by enhancing inclusivity and broadening representation. He noted that many emerging markets remain underrepresented within these institutions, making ongoing reform essential to bring these countries and economies into the fold and ensure their voices are heard. Failure to do so, he warned, risks eroding their trust. If that happens, he concluded, multilateralism itself could ultimately fail.