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The Managing Director of the IMF and the Heads of the RFAs Emphasize their Readiness to Cooperate to Mitigate the Impact of COVID-19 on the Global Economy

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Via IMF (Den Internationale Valutafond)

The Managing Director of the IMF and the Heads of the RFAs Emphasize their Readiness to Cooperate to Mitigate the Impact of COVID-19 on the Global Economy







April 21, 2020















The Managing Director of the International Monetary Fund (IMF), Ms.
Kristalina Georgieva; the Director General Chairman of the Board of the
Arab Monetary Fund, Mr. Abdulrahman Al Hamidy; Director of ASEAN+3
Macroeconomic Research Office (AMRO), the surveillance unit of the Chiang
Mai Initiative Multilateralisation (CMIM), Mr. Toshinori Doi; the Managing
Director of the Eurasian Fund for Stabilization and Development (EFSD), Mr.
Andrey Shirokov; the Deputy Director-General for Economic and Financial
Affairs of the European Commission (EC), Mr. Declan Costello; the Managing
Director of the European Stability Mechanism, Mr. Klaus Regling; the
Executive President of Latin American Reserve Fund (FLAR), Mr. José Darío
Uribe; and the co-chair of the G20 International Financial Architecture
Working Group (G20 IFA WG), Mr. Guillaume Chabert, held a teleconference
today and reported on efforts taken by their institutions to forcefully
address the impacts of the COVID-19 outbreak on the global economy.
Stressing the urgent need for combined, multilateral efforts to face the
extraordinary human and economic crisis caused by the pandemic, the heads
issue the following statement:

“The IMF and the world’s Regional Financing Arrangements stand united in
addressing the global challenges related to the Coronavirus (COVID-19)
pandemic and wish to extend our deepest sympathies to all those affected.
We are following the situation very closely in order to contribute to the
decisive actions needed globally to face these exceptional and uncertain
circumstances. We are determined to provide the necessary support to
mitigate the economic and financial impacts of the pandemic, especially on
the most vulnerable people and countries.

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These unprecedented circumstances require unprecedented actions. To this
end, the IMF has doubled access to its emergency facilities, approved debt
service relief for 25 low-income countries through a reformed Catastrophe
Containment and Relief Trust (CCRT), and established a new instrument – the
Short-Term Liquidity Line – to provide quick-disbursing financing to
strengthen buffers and help in managing liquidity pressures for countries
with strong economic policies. The IMF membership has so far pledged
commitments amounting to $11.7 billion in response to the Fund’s call to
triple its concessional lending capacity. For the first time, the G20 and
the Paris Club, supported by the IMF and World Bank, agreed to a time-bound
suspension by bilateral official creditors of debt service payments for the
poorest countries that request forbearance.

The Regional Financing Arrangements, for their part, are supporting their
members through lending activities, adjustments of policies and toolkits to
make them compatible with the emergency nature of the COVID-19 crisis, and
policy and technical advice to help their authorities through these
challenging economic times. Regional rescue funds are closely coordinating
with IMF country teams to exchange information and expertise necessary to
expeditiously address the needs of countries facing the most pressing
financing needs.

Recognizing the sheer size of this crisis, we emphasize that looking ahead,
the most effective way to support the global economies is a comprehensive
response and mobilization of the resources and expertise available at all
layers of the Global Financial Safety Net (GFSN). Against this backdrop and
leveraging the deep ties created among our institutions during the past
years, the IMF, at the center of the GFSN, and the RFAs, emphasize their
readiness to cooperate to mitigate the impact of the pandemic on the global
economy and contribute to its recovery. We remain strongly committed to
working together closely, in accordance with our individual mandates and
policies, to exchange information on the needs of our members, and to
coordinate assistance across different regions of the world. Where
appropriate and feasible, we will cooperate to facilitate co-financing
operations to address our members’ needs and stand ready to provide
technical assistance and policy advice.”

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Media Contacts:

Wolfgang Proissl

Head of Communication / Chief Spokesperson

European Stability Mechanism

Email: w.proissl@esm.europa.eu

Karen Wilkinson

Public Relations Officer

ASEAN+3 Macroeconomic Research Office (AMRO)

Email:

Karen.wilkinson@amro-asia.org

Felipe Buitrago R.

Manager of Communications and Institutional Relations

Latin American Reserve Fund

Email: fbuitrago@flar.net

Gennady Vasiliev

Eurasian Fund for Stabilization and Development

Email: Vasilyev_GA@eabr.org

Yisr Barnieh

Arab Monetary Fund (AMF)

Email: yisr.barnieh@amf.org.ae

Maria Candia Romano

Communications Officer

International Monetary Fund (IMF)

Email: mcandiaromano@imf.org


IMF Communications Department
MEDIA RELATIONS

PRESS OFFICER: Maria Candia Romano

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson








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