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.
The officials held a teleconference on Tuesday 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 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.
Regional Financing Arrangements (RFAs) are mechanisms or agreements through which groups of countries mutually pledge financial support to countries experiencing financial difficulties in their regions.
Participants of the meeting included managing Director of the International Monetary Fund (IMF), Ms. Kristalina Georgieva; 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; Managing Director of the Eurasian Fund for Stabilization and Development (EFSD), Mr. Andrey Shirokov; Deputy Director-General for Economic and Financial Affairs of the European Commission (EC), Mr. Declan Costello; Managing Director of the European Stability Mechanism, Mr. Klaus Regling; Executive President of Latin American Reserve Fund (FLAR), Mr. Jose Dario Uribe; co-chair of the G20 International Financial Architecture Working Group (G20 IFA WG), Mr. Guillaume Chabert.