IMF and RFAs pledge cooperation to mitigate pandemic’s impact on economy

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IMF
IMF

Heads of the International Monetary Fund (IMF) and Regional Financing Arrangements (RFAs) on Tuesday pledged to cooperate to mitigate the impact of the COVID-19 pandemic on the global economy.

“The IMF and the world’s Regional Financing Arrangements stand united in addressing the global challenges” related to the pandemic, IMF Managing Director Kristalina Georgieva and heads from the European Stability Mechanism, Eurasian Fund for Stabilization and Development, Latin American Reserve Fund, Arab Monetary Fund and ASEAN+3 Macroeconomic Research Office said in a joint statement after holding a teleconference.

The officials emphasized that the most effective way to support the global economy 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,” they said, adding they remain strongly committed to working together closely to exchange information on the needs of their members.

“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,” they said.

The statement came after the IMF said last week that the global economy is on track to contract sharply by three percent in 2020 as a result of the COVID-19 pandemic, the worst recession since the Great Depression in the 1930s. Enditem

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