Turkish economy minister said Wednesday that his country was honored to host this year's annual meetings of the IMF and the World Bank in Istanbul.

"It is a great honor for us that Istanbul has been selected as the venue to host such a strategic organization," Ali Babacan, deputy premier and state minister for economy, told a press conference on the Istanbul meetings.

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Babacan said the meetings would bring together economy and finance ministers as well as major figures from global finance quarters and scholars from 186 member countries of the IMF and the World Bank.

The Turkish minister said Turkey would become the first country to host the event for the second time. Turkey hosted the annual meetings in 1955.

Babacan said Turkey had received 90 percent of the votes of members in the IMF and the World Bank to host the meetings.