International Monetary Fund (IMF)

Turkey's finance minister held the worst IMF-World Bank meeting ever

Berat Albayrak. Photo: Ozan Kose/AFP/Getty Images
Berat Albayrak. Photo: Ozan Kose/AFP/Getty Images

Turkish Finance Minister Berat Albayrak held a closed-door meeting with hundreds of investors during the IMF-World Bank meetings in Washington last week, and some who attended called it the worst they've ever had with a high-ranking government official.

What they're saying: "It was an absolute shit show," one emerging market fund manager who attended the meeting but was not authorized to comment on it publicly told Axios.

"I've literally never seen someone from an administration that unprepared," another investor said.

Investors remain bullish in the face of IMF fears

Illustration: Lazaro Gamio/Axios

In a seemingly coordinated effort, IMF managing director Christine Lagarde, deputy managing director David Lipton and chief economist Gita Gopinath all worried aloud about the "delicate" state of the world's economies at last week's spring meeting in Washington.

What's happening: The IMF cut its global growth forecast for the 3rd time in 6 months to its lowest estimate since the financial crisis, but fund managers and analysts who were in Washington for the event seemed to largely disregard the foreboding. They're bullish.