Meetings and other events officially commenced on 13 September, with 23,000 delegates registered to attend. At the
Organization of the Petroleum Exporting Countries seminar, then-IMF chief
Rodrigo de Rato criticised attempts made by some wealthy nations to reduce
fuel prices, instead advocating for a price increase to reflect scarcity and high
crude oil prices worldwide. The IMF warned that global markets faced a possible recession, including an economic downturn in the United States, falling
home prices, further surge in oil prices, interest rate rises to contain
inflationary pressures. On 14 September, the inaugural
Raffles Forum was held at
Raffles City Convention Centre, with one plenary session on this day. At SSICEC, there was a
World Economic Outlook meeting. The IMF predicted that the growth in the economy will increase, but there could be global imbalances. On 15 September, the
United Kingdom's group of delegates arrived in Singapore, including
Chancellor of the Exchequer as well as chairman of the
International Monetary and Financial Committee (IMFC)
Gordon Brown and
Mervyn King, the Governor of the
Bank of England. There were also
press briefings by both the IMF and the World Bank Group. On 16 September, the
G7 finance ministers met at the
Raffles Hotel to discuss the world's economy. The three-day Program of Seminars commenced, attended by
private sector representatives,
government delegates, civil society representatives and senior officials from the International Monetary Fund and the World Bank. Seven lenders including the IMF and the World Bank signed an anti-corruption agreement. Prime Minister Lee Hsien Loong and
Senior Minister Goh Chok Tong attended meetings on 18 September. It was the final day of the Program of Seminars. The IMF approved a plan to give more powers and voting rights to China,
Mexico,
South Korea and
Turkey, with 90.6% support. World Bank president
Paul Wolfowitz called for support for developing nations, and the IMF and World Bank called for anti-corruption measures in those countries.
Plenary sessions commenced on 20 September with an opening ceremony hosted by Goh Chok Tong at
Esplanade – Theatres on the Bay. 5,000 official delegates were hosted at an official
reception that included performances by local groups and a multimedia presentation about Asian identity called "Diaspora". The IMF and World Bank heads agreed on the need for systematic reform to empower developing countries. IMF adopted a multilateral consultation process to address global payment imbalances. On the final day, 20 September, more than 3,000 people were in attendance. During the event, "the second stage of reforms to revise the quota formula" were approved by IMF representatives. == List of venues ==