Washington, Jul 10 (IANS): The 2020 annual meetings of the International Monetary Fund (IMF) and the World Bank Group will likely be held in a primarily virtual format due to the ongoing COVID-19 pandemic, the leaders of the two institutions announced.

In a joint statement on Thursday, IMF Managing Director Kristalina Georgieva and World Bank Group President David Malpass said they are recommending the annual meetings, scheduled for October 12-18, be held in a "primarily virtual format", given the ongoing global health crisis, reports Xinhua news agency.

"While we are preparing for a virtual scenario, we remain flexible with the format of the meetings in light of developments and will work, in consultation with our Executive Boards, to accommodate the needs of our membership," the statement read.

The annual meetings usually bring thousands of government officials, business people, journalists and other representatives from across the globe to the two institutions' headquarters in downtown Washington D.C.

"Our goal is to serve our membership effectively while ensuring the health and safety of Annual Meetings' participants, staff, and the local community in the Washington D.C. area," the statement added.

In April, the two multilateral institutions already held the 2020 IMF-World Bank Spring Meetings in a virtual format.