The country's economic prospects as well as ways to address the impact of the global downturn top the agenda of Philippine officials attending this week’s World Bank-International Monetary Fund (IMF) Spring Meetings in Washington.

The April 25-26 event, to be held as the world grapples with the effects of the global crisis, is expected to tackle how countries are faring and what programs are being undertaking to spur economic growth.

"We will discuss with the World Bank their outlook and how they are assisting in mitigating the impact of the global economic crisis," said Rosalia V. de Leon, officer in charge of the Finance department’s International Finance Group.

The Philippine contingent, she said, will be headed by Finance Secretary Margarito B. Teves.

Specific details of the Philippine agenda remained unavailable but Finance Undersecretary Gil S. Beltran said they usually present measures being undertaken to reduce poverty and to boost economic activity.

"We may report the things that we are now doing to reduce poverty like the microfinance programs and the CCT (conditional cash transfers). We will tell them that we are enhancing our spending on infrastructure," he said.

The government, Mr. Beltran stressed, has been increasing its pump-priming expenditures even if it means raising the deficit. This year’s cap was raised just last week to P199.2 billion from P177.2 billion previously.

Last month the IMF revised its 2009 outlook for world economic growth to a contraction of "between half a percent and 1%" from a 0.5% growth forecast in January.

Developed countries like United States, Europe and Japan — all of which are in recession — are projected to suffer declines of 3.0-3.5% this year.

Emerging economies in Asia, including the Philippines, are expected to feel the impact of weaker external demand and may grow by just 1.5-2.5%.

The IMF expects the Philippines to grow by just 2.25% while the World Bank predicts a 1.9% expansion. Both are lower than the official government projection of 3.1-4.1%.