It will be the first time the meetings have been staged in Latin America since 1967, when they were held in Rio de Janeiro, Brazil.

The boards of governors of the two institutions approved the choice of Lima by vote, a statement said.

The next IMF-World Bank meetings will take place in Tokyo on October 9-14.

The annual meetings -- which bring together finance ministers and central bank governors from all member countries, as well as other political leaders -- take place every three years outside Washington.

At the heart of the talks, which also include academics, are the state of the global economy and measures to reduce global poverty.