Promoting a sustainable world economic recovery and global financial stability were the main topics as the world's finance heavyweights gathered Friday for the International Monetary Fund (IMF) and World Bank annual meetings.

The international community must make concerted efforts to reduce negative spillovers and lay the foundation for a sustainable future global growth, said Olusegun Olutoyin Aganga, Chairman of the annual meetings and Finance Minister for the Federal Republic of Nigeria.

The annual meetings are scheduled to run in Washington D.C. from Oct. 8 to 10.

Participants will join an array of meetings and seminars on topics including managing capital flows, expanding housing finance, jumpstarting jobs and productivity in an uncertain world, and securing a robust global recovery.