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Author: International Monetary Fund Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 3
Book Description
(IEO), which provides an early evaluation of the Fund’s emergency response to the initial stage of the COVID-19 pandemic and seeks to draw lessons from the experience for responding to possible future global crises. They highlighted the report’s key finding that the Fund’s response was effective and agile to a crisis like no other, despite the extraordinary challenges and risks, as the Fund rapidly adapted its lending framework and internal processes to serve the membership, help to close large financing gaps, and give confidence to the membership and markets by making its resources available expeditiously under adequate safeguards. Besides lending, Directors noted that the Fund also undertook useful analytical work and gave extensive and timely policy advice and capacity development. They welcomed the report’s finding that the Fund’s corporate response was adapted quickly, including by reprioritizing work, introducing HR and budget initiatives, and swiftly embracing the virtual environment. Directors especially commended staff for their strong dedication during these challenging circumstances.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 3
Book Description
(IEO), which provides an early evaluation of the Fund’s emergency response to the initial stage of the COVID-19 pandemic and seeks to draw lessons from the experience for responding to possible future global crises. They highlighted the report’s key finding that the Fund’s response was effective and agile to a crisis like no other, despite the extraordinary challenges and risks, as the Fund rapidly adapted its lending framework and internal processes to serve the membership, help to close large financing gaps, and give confidence to the membership and markets by making its resources available expeditiously under adequate safeguards. Besides lending, Directors noted that the Fund also undertook useful analytical work and gave extensive and timely policy advice and capacity development. They welcomed the report’s finding that the Fund’s corporate response was adapted quickly, including by reprioritizing work, introducing HR and budget initiatives, and swiftly embracing the virtual environment. Directors especially commended staff for their strong dedication during these challenging circumstances.
Author: Publisher: ISBN: Category : COVID-19 Pandemic, 2020- Languages : en Pages : 0
Book Description
This evaluation assesses how well the Fund adapted its lending framework, its processes for formulating the economic outlook and policy advice, and its internal HR and budgetary practices to help countries during the emergency phase--January 2020 to April 2021--of an unprecedented global shock.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 5
Book Description
As the evaluation notes, the Fund’s rapid response was not without costs and risks. The decision to provide extraordinary access, including through emergency financing, in the face of this unprecedented crisis has inevitably raised pressures on the Fund’s own, and its members’, balance sheets. Moreover, according to the report, some stakeholders did not feel adequately consulted in the initial weeks of the pandemic, staff experienced enormous work pressures, and in at least a few instances, national authorities did not perceive that the way policy guidance on 2 access was applied was entirely evenhanded. I am confident we can learn from the experience and do even better in the future; and I believe the IEO’s high-level recommendations will help us to do so.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1513540165 Category : Business & Economics Languages : en Pages : 18
Book Description
The COVID-19 pandemic is taking a human toll and has unleashed a series of shocks on the Fund’s entire membership, creating severe disruption in the global economic and financial system. As a result, many emerging market and developing country (EMDC) members face urgent and unprecedented financing needs, creating significant immediate demand for Fund resources. In order to respond to members’ large and urgent financing needs, the paper proposes to enhance the Fund’s emergency financing toolkit, through a temporary increase in access limits for both the Rapid Financing Instrument (RFI), available to all members, and the Rapid Credit Facility (RCF), available to Poverty Reduction Growth Trust-eligible members only. It is proposed to increase these access limits for a proposed period of six months, which may be extended by the Executive Board. A companion Board paper sets out proposals to accelerate Board consideration of member requests for financing under the RCF and RFI, completion of reviews and requests for changes in access in existing arrangements, and requests for grant assistance under the Catastrophe Containment and Relief Trust.
Author: Thomas Bollyky Publisher: Council on Foreign Relations Press ISBN: 9780876092644 Category : Languages : en Pages : 154
Book Description
The United States and the world were unprepared for the COVID-19 pandemic, despite decades of warnings highlighting the inevitability of global pandemics and the need for international coordination. The failure to prioritize and adequately fund preparedness and effectively implement response plans has exacted a heavy human and economic price, and the crisis is not yet over. Emerging and reemerging infectious diseases are a threat to global and national security that neither the United States nor the world can afford to ignore. This Task Force proposes a comprehensive strategy that includes institutional reforms and policy innovations to help the United States and the multilateral system perform better in this crisis and when the next one emerges. Without increased U.S. leadership on and adequate investment in pandemic preparedness and response, the United States and the world will remain unnecessarily vulnerable to epidemic threats. The Council on Foreign Relations sponsors Independent Task Forces to assess issues of current and critical importance to U.S. foreign policy and provide policymakers with concrete judgments and recommendations. Diverse in backgrounds and perspectives, Task Force members aim to reach a meaningful consensus on policy through private deliberations. Once launched, Task Forces are independent of CFR and are solely responsible for the content of their reports. Task Force members are asked to join a consensus signifying that they endorse the general policy thrust and judgments reached by the group, though not necessarily every finding and recommendation. Each Task Force member also has the option of putting forward an additional or a dissenting view.
Author: Sumin Chun Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 61
Book Description
We construct a high-frequency dataset that combines information on all IMF lending and proxies of monthly economic activity during the first two years of the COVID-19 pandemic (2020–21). Using this novel dataset and standard econometric techniques we find a positive and significant marginal effect of IMF financing on economic activity in low-income countries (LICs) and emerging market economies. We also present tentative evidence that IMF financing may have helped economic outcomes by easing fiscal budget constraints, allowing for larger government spending in response to the pandemic. Overall, this evidence suggests that IMF financing helped lessen the negative impacts of the pandemic on economic activity, especially in LICs.
Author: Jamie K. Wardman Publisher: Taylor & Francis ISBN: 1000791149 Category : Business & Economics Languages : en Pages : 375
Book Description
This comprehensive book looks at COVID-19, along with other recent infectious disease outbreaks, with the broad aim of providing constructive lessons and critical reflections from across a wide range of perspectives and disciplinary interests within the risk analysis field. The chapters in this edited volume probe the roles of risk communication, risk perception, and risk science in helping to manage the ever-growing pandemic that was declared a public health emergency of international concern in the beginning of 2020. A few chapters in the book also include relevant content discussing past disease outbreaks, such as Zika, Ebola and MERS-CoV. This book distils past and present knowledge, appraises current responses, introduces new ideas and data, and offers key recommendations, which will help illuminate different aspects of the global health crisis. It also explores how different constructive insights offered from a ‘risk perspective’ might inform decisions on how best to proceed in response as the pandemic continues. The chapters in this book were originally published as a special issue of the Journal of Risk Research.
Author: International Monetary Publisher: International Monetary Fund ISBN: 1616358475 Category : Business & Economics Languages : en Pages : 13
Book Description
The Executive Board approved a two-step approach consisting of (i) an immediate approval of the disbursement of a fourth tranche of debt service relief to all qualified beneficiary countries covering the period from October 16, 2021 through January 10, 2022, and (ii) consideration by January 2022 of a final tranche of CCRT debt service relief through April 13, 2022 based on a brief Board paper with an assessment of resources at that time. In accordance with the two-step approach, this paper provides a brief overview on recent developments in CCRT-eligible countries followed by an update on the CCRT’s funding status and resources assessment.
Author: International Monetary Fund. Fiscal Affairs Dept. Publisher: International Monetary Fund ISBN: 1513537512 Category : Business & Economics Languages : en Pages : 145
Book Description
Chapter 1 argues that fiscal policies are at the forefront of responding to the COVID-19 pandemic. Fiscal measures can save lives, protect the most-affected people and firms from the economic impact of the pandemic, and prevent the health crisis from turning into a deep long-lasting slump. A key priority is to fully accommodate spending on health and emergency services. Global coordination is for a universally low-cost vaccine and to support countries with limited health capacity. Large, temporary and targeted support is urgently needed for affected workers and firms until the emergency abates. As the shutdowns end, broad-based, coordinated fiscal stimulus—where financing conditions permit—will become more effective in fostering the recovery. Chapter 2 argues that fiscal policies are at the forefront of facilitating an economic recovery from the COVID-19 pandemic once the Great Lockdown ends. Policymakers can achieve this objective with IDEAS: Invest for the future—in health systems, infrastructure, low carbon technologies, education, and research; adopt well-planned Discretionary policies that can be deployed quickly; and Enhance Automatic Stabilizers, which are built-in budgetary tax and spending measures that automatically stabilize incomes and consumption. Importantly, improving unemployment benefit systems and social safety nets can protect household incomes from adverse shocks and strengthen resilience against future epidemics. Over the past decade, state-owned enterprises (SOEs) have doubled in importance among the world’s largest corporations. They often deliver basic services such as water, electricity, and loans for families and small businesses. At their best, they can help promote higher economic growth and achieve development goals. However, many are a burden to taxpayers and the economy. Chapter 3 discusses what governments can do to get the most out of SOEs. This includes ensuring the firm’s managers have the right incentives and there is effective oversight. It also requires a high degree of transparency of their activities.
Author: International Monetary Fund
Author: International Monetary Fund
Author: 
Author: International Monetary Fund
Author: International Monetary Fund
Author: Thomas Bollyky
Author: Sumin Chun
Author: Stefania Ravazzi
Author: Jamie K. Wardman
Author: International Monetary
Author: International Monetary Fund. Fiscal Affairs Dept.