Austria and the International Financial Institutions
The scope of responsibility of the Austrian Ministry of Finance includes the participation in – and collaboration with – International Financial Institutions (IFIs). Historically, Austria joined these institutions in order to support global economic governance and international development, to promote the development of specific regions and markets, and to join the international community in shouldering a fair part of the burden. More recently, the dynamics of globalization, the global financial crisis, and other transnational phenomena such as climate change have highlighted the increased interdependence between developed and developing countries.
As the international community confronts today’s challenges, new and enhanced forms of cooperation are needed. In this context and as providers of technical expertise, policy advice, and development finance, the IFIs have become even more important actors in the international arena. The Ministry of Finance is committed to contribute, through its cooperation with the IFIs, to international development efforts while at the same time mobilising and utilising Austria’s own expertise and technical capabilities for addressing developmental challenges.
International Financial Institutions comprise the International Monetary Fund (IMF), the Multilateral Development Banks (MDBs) such as the World Bank Group, and Regional Development Banks as well as other funds engaged in international development finance. Whereas the basic mandate of the IMF consists of monitoring the global financial system and offering short-term assistance in crisis management, the MDBs provide long-term capital in areas where capital markets prove inadequate. IFIs have also become an increasingly important setting in which the international dialogue on global challenges and the cooperation to find global solutions takes place. Austria participates in the following IFIs:
- International Monetary Fund (IMF)
- World Bank Group
- International Bank for Reconstruction and Development (IBRD)
- International Development Association (IDA)
- International Finance Corporation (IFC)
- Multilateral Investment Guarantee Agency (MIGA)
- International Centre for the Settlement of Investment Disputes (ICSID)
- Inter-American Development Bank (IDB) und Fund for Special Operations (FSO)
- Inter-American Investment Corporation (IIC)
- Asian Development Bank (AsDB) und Asian Development Fund (AsDF)
- African Development Bank (AfDB) und African Development Fund (AfDF)
- European Bank for Reconstruction and Development (EBRD)
- European Investment Bank (EIB) und Investment Facility (IF)
- European Development Funds (EDF)
- Global Environment Facility (GEF)
- Consultative Group for International Agricultural Research (CGIAR)
- International Fund for Agricultural Development (IFAD)
- Common Fund for Commodities (CFC)
The Ministry
