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Dear Colleague,
Welcome to the last newsletter of our 2020 Virtual Spring Meetings. Thank you very much for your interest, time and engagement this past week. Did you find these daily updates useful? Send us a note directly with your feedback.
While this is our last update, we have much more to share.
In the coming days we will be launching new analytical chapters of the World Economic Outlook, Global Financial Stability Report and Fiscal Monitor Report—covering risky credit markets, banking stability in the current crisis, countering future recessions and the macroeconomic effects of global migration, among other themes. And soon we'll be publishing new podcasts, articles about specific countries dealing with the pandemic, and a new issue of our Finance & Development magazine.
To receive these updates, make sure you are subscribed to IMF Blog, F&D Magazine, podcasts and more. Click here to view all our newsletters—enter your email address to access your profile.
TODAY'S FOCUS
The Development Committee—a Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund—just concluded their virtual meeting this morning. IMF Managing Director Kristalina Georgieva's statement will be posted shortly here. In the meantime, read the communique.
From 11:00 AM to 12:30 PM EDT, the IMF and World Bank Group will host a virtual high-level event titled ‘Mobilizing with Africa’, which will focus on efforts to support the fight against COVID-19 on the continent. Participants will include leaders from across Africa. representatives from several G20 countries, as well as the leaders of the African Union, United Nations, and WHO. Follow the latest IMF news to learn of the outcome.
In our broader roundup below, you'll find an updated list of key links, insights from yesterday's International Monetary and Financial Committee (IMFC) meeting, how best to stay informed of our latest research and analysis moving forward, how you can learn from IMF experts via online courses and much more.
MORE THAN EVER, WE MUST WORK TOGETHER
In an extraordinary virtual meeting of the International Monetary and Financial Committee yesterday, IMFC Chair and Governor of the South African Reserve Bank Lesetja Kganyago and IMF Managing Director Kristalina Georgieva stressed that exceptional times called for exceptional action. Read Managing Director Georgieva's remarks, Chair Kganyago's remarks, the IMFC Communiqué, and watch the press briefing.
GLOBAL ECONOMIC INSIGHTS
Managing Director's Global Policy Agenda (download | briefing)
World Economic Outlook (download | blog | briefing)
Global Financial Stability Report (download | blog | briefing | podcast)
Fiscal Monitor Report (download | blog | briefing | podcast)
REGIONAL ECONOMIC INSIGHTS
Sub-Saharan Africa Economic Outlook (download | briefing | article)
Middle East and Central Asia Economic Outlook (download | briefing | press remarks)
Asia and Pacific Outlook (blog | briefing)
Western Hemisphere Outlook (blog | briefing)
European Outlook (briefing and transcript)
IN CASE YOU MISSED IT
Earlier this week we broadcasted a virtual conversation between Managing Director Georgieva and Imperial College epidemiologists Neil Ferguson and Azra Ghani. They focused on how best to save lives and livelihoods. Watch the 25-min discussion.
During the recent G20 Finance Ministers and Central Bank Governors meeting, Managing Director Georgieva discussed ramping up the IMF's crisis response for emerging markets and developing countries: "To assist our low income countries, we plan to triple our concessional lending. We are therefore urgently seeking US$18 billion in new loan resources for the Poverty Reduction and Growth Trust, and will also likely need at least US$1.8 billion in subsidy resources." Read the full statement.
Don't forget to watch recent media interviews of Managing Director Georgieva with Bloomberg, Director of Fiscal Affairs Vitor Gaspar with Bloomberg, Director of the Asia and Pacific Department Changyong Rhee with Bloomberg, and Chief Economist Gita Gopinath with CNBC.
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, announcements, speeches and more. If you are interested in the IMF's response to COVID-19, please read our latest Q&A.
The IMF also 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.
In addition, 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, see the meetings calendar of the Executive Board.
Lastly, to help member countries with strong fundamentals deal with pandemic, we just announced that our Executive Board has approved the creation of a new short-term liquidity line.
ONLINE LEARNING FROM THE IMF
To increase global access to IMF expertise during the pandemic, we just launched the IMF Institute Learning Channel on YouTube. Subscribe to learn more about our online courses and “bite-size” insights on a broad range of economic and financial issues.
For a deeper dive into economic policymaking, join our global community of over 64,000 current and future leaders by signing up to our free, self-paced online courses covering macroeconomic forecasting and diagnostics, financial development and inclusion, public financial management, central bank law, and more.
OCTOBER 2020 ANNUAL MEETINGS
We would love to keep you informed during our next global convening—the IMF-World Bank Annual Meetings in October 2020. Sign up here and enter your email address to view all our newsletters.
FINAL THOUGHT
Thank you again for your interest and engagement. This was our first time producing a daily Spring Meetings update so we would love to hear whether you enjoyed it and found it useful to keep track of the week. Please write to us with any feedback.
Take care and stay safe,
IMF Spring Meetings Team
P.S. 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.
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