IMF prepares for the storm

Protesters filled the streets of Seattle in December

By the BBC's Andrew Walker in Washington

The International Monetary Fund and the World Bank are gearing up for their most high-profile ministerial meetings in years.

Thousands of demonstrators will be taking to the streets of Washington hoping to disrupt the weekend's global financial gathering.

The IMF's acting managing director, Stanley Fischer, has joined in the official chorus defending the institutions.

Normally, these meetings don't get much media coverage beyond the financial press. This time it will be different.

Protester profile

They will probably make a few front pages, but not because of what happens in the meeting rooms.

It will be the demonstrations on the streets that will get the headlines.

The ministers and officials involved in the meetings know that - and they are anxious to ensure that their defence is well heard.

IMF's acting head Stanley Fischer

For the IMF's acting boss, this is likely to be the only occasion when he is in charge during the meetings, which take place twice a year.

The interregnum following the resignation of director general Michel Camdessus in February will end in May with the arrival of Horst Koehler, the German former head of the European Bank for Reconstruction and Development.

Stanley Fischer though has announced his presence loud and clear.

From behind the dry, rather ascetic demeanour of this distinguished academic economist comes a spirited defence of what the IMF and the World Bank are trying to do.

Hearing the arguments

He said that the institutions should listen to the demonstrators.

They share the same goals, he said: "We want to reduce poverty all over the world, especially in the poorest countries".

He said he was prepared to listen to other views. If the evidence showed that policy changes were needed, he said, we change.

But he offered no real concessions to the view held by most of the demonstrators that globalisation, the increasing integration of the world economy, is a process driven by the interests of multinational business and is bad for the poor.

Mr Fischer said the word 'globalisation' could become a problem. But the process that it represented was fine and trying to stop it would make people worse off.

Understanding

What does he think of those who criticise the role the IMF has taken in advancing globalisation - the people who will be on the streets?

Some, he said, have offered many good suggestions for how to do things better that have led to real changes.

They have put pressure on politicians in the rich countries to do things for the developing countries - to provide more resources and better trading opportunities.

But others, he said, will be on the streets because they don't understand what the IMF is trying to do, or haven't had sufficiently good explanations from the IMF.

And some will be there, he said, because it's spring-time.