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Dear Colleague,
Welcome to the Day 6 Briefing of our 2020 Virtual Spring Meetings newsletter.
HAPPENING NOW
Managing Director Kristalina Georgieva is hosting the Spring Meetings opening press conference right now. Watch it live or read her opening remarks.
EARLIER TODAY
This morning we livestreamed press conferences on Europe, Middle East and Central Asia (read the new outlook), Sub-Saharan Africa (read the new outlook), and the G20 meetings. To view these video briefings, scroll to the bottom of the livestream page for links to past events.
We also just published a compelling visual piece: Six Charts Show How COVID-19 Is an Unprecedented Threat to Development in Sub-Saharan Africa.
FISCAL POLICIES TO CONTAIN THE DAMAGE FROM COVID-19
We just finished streaming a press briefing by Director of the Fiscal Affairs Department Vitor Gaspar to mark the launch of the April 2020 Fiscal Monitor report, which shows how policymakers can offer emergency lifelines to: save lives; protect people from losing jobs and incomes, and companies from bankruptcies; and enable a recovery.
In a new blog tied to the launch, Gaspar writes, "In times of pandemic, fiscal policy is key to save lives and protect people. Governments have to do whatever it takes. But they must make sure to keep the receipts. So far, countries have taken fiscal actions amounting to about $8 trillion to contain the pandemic and its damage to the economy."
How should advanced economies and emerging markets be thinking (differently) about targeted fiscal measures to protect livelihoods? Read the full blog or listen to a new podcast on the launch of the report.
LATER TODAY AND TOMORROW
Today at 2:00 PM EDT, in an event titled "The Economist and the Epidemiologists: How to Save Lives and Livelihoods in the COVID-19 Crisis", Managing Director Georgieva will be in conversation with epidemiologists Neil Ferguson and Azra Ghani of Imperial College London.
Today at 8:00 PM EDT, we will livestream the press briefing on the economic outlook for Asia and the Pacific with Director Changyong Rhee.
Tomorrow we will also livestream the International Monetary and Financial Committee press briefing with IMFC Chair Lesetja Kganyago and IMF Managing Director Kristalina Georgieva, as well as a press conference on the economic outlook for the Western Hemisphere with Director Alejandro Werner. More details on both will be shared in tomorrow's newsletter.
View the full livestream schedule. Next to each event is a calendar icon, which will allow you to add that particular webcast to your personal schedule—whether you use Apple, Google, Outlook or another platform.
THE IMF AND COVID-19
We recently launched a hub for all of our COVID-19 content, including our latest analytical work on the economic impact of the pandemic, a global policy tracker that now covers 193 economies, a series of notes produced by IMF experts to help members address the economic effects of COVID-19, and recent news including press releases, speeches and more. If you are interested in the IMF's response to COVID-19, please read our latest Q&A.
Also, the IMF just approved immediate debt service relief to 25 member countries. "This provides grants to our poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months and will help them channel more of their scarce financial resources towards vital emergency medical and other relief efforts," said Managing Director Kristalina Georgieva.
Finally, our new lending tracker showcases emergency assistance approved to member countries facing the economic impact of the pandemic. For upcoming discussions on emergency financing requests, please see meetings calendar of the Executive Board.
IN CASE YOU MISSED IT
Yesterday, Chief Economist Gita Gopinath launched the April 2020 World Economic Outlook report, writing in a new blog: Under the assumption that the pandemic and required containment peaks in the second quarter for most countries in the world, and recedes in the second half of this year, we project global growth in 2020 to fall to -3 percent. This is a downgrade of 6.3 percentage points from January 2020, a major revision over a very short period. This makes the Great Lockdown the worst recession since the Great Depression, and far worse than the Global Financial Crisis. Watch the press briefing and read the transcript. Gopinath was also interviewed live by Bloomberg Markets, BBC World and CNN International.
In addition, Tobias Adrian and Fabio Natalucci of the Monetary and Capital Markets Department wrote a new blog yesterday to mark the launch of the latest Global Financial Stability Report, which shows that the financial system has already felt a dramatic impact, and a further intensification of the crisis could affect global financial stability. They write that as so often happens at times of financial distress, emerging markets risk bearing the heaviest burden. In fact, emerging markets have experienced the sharpest portfolio flow reversal on record—about $100 billion or 0.4 percent of their GDP—posing stark challenges to more vulnerable countries. Watch the press briefing and read the transcript, or listen to a new 18-min podcast about the launch.
Late last week, Managing Director Kristalina Georgieva delivered her Curtain Raiser speech—Confronting the Crisis: Priorities for the Global Economy—to kick off the Spring Meetings. Listen to it here. Following the speech, she spoke with editor-in-chief of The Economist Zanny Minton Beddoes about whether the IMF can bail out the global economy. Listen to the 30-min podcast.
FINAL THOUGHT
We recently launched a new mobile app that houses our latest flagship reports in an easy-to-read format. Now you can search and discover our latest analysis on the go. Download now from the Apple App Store and the Google Play Store.
Thank you again for your interest in this special Spring Meetings newsletter running from April 8-17. Don't forget to keep your profile updated to ensure you receive this daily brief and other tailored content in your preferred language. You will need to re-enter your email address to access your information.
If you have any feedback or comments on this daily brief, please write to us directly. We would love to hear from you.
Sincerely,
IMF Spring Meetings Team
P.S. Did you know the IMF offers free, self-paced online courses in fiscal policymaking, macroeconomic management and other key topics? Learn more and register here.
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