ISTANBUL, Oct. 6 (Xinhua) -- The International Monetary Fund (IMF) and World Bank begin their annual meetings on Tuesday in the Turkish city of Istanbul to discuss key economic and financial issues on recovery from the worst global recession since the 1930s.

    The Board of Governors of the IMF and the Board of Governors of the World Bank normally meet once a year to discuss the work of their respective institutions.

    The annual meetings, which generally take place in September to October, have customarily been held in Washington for two consecutive years and in another member country in the third year.

    In recent years, the annual meetings have been preceded by meetings of the International Monetary and Financial Committee (IMFC), the Development Committee, the Group of 10 (G10), the Group of 24 (G24), and various other groups of the members.

    The annual meetings include two days of plenary sessions, during which the governors take up matters of business, consult with one another and address the assembled delegates to present their countries' views on current issues in international economics and finance.

    At the annual meetings, the Board of Governors makes decisions on how to address current international monetary issues and approve corresponding resolutions.

    The annual meetings are chaired by a Governor of the World Bank and the IMF, with the chairmanship rotating among the membership each year. Every two years, it elects Executive Directors. Each year, any new members are welcomed into the World Bank and the IMF.

Backgrounder: World Bank

Backgrounder: International Monetary Fund