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Dear Colleague,
Welcome to the latest briefing on the 2020 Annual Meetings. Today we launch our latest Fiscal Monitor report, spotlight Morocco's experience tackling COVID-19, debt and debt management in developing countries, mobile money during the pandemic, a live conversation this afternoon between Kristalina Georgieva and Melinda Gates, and much more. On that note, let's get started.
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TODAY'S AGENDA (WEDNESDAY, OCT 14)
7:00 AM EDT: Governor Talk: Moroccan Experience in Response to the COVID-19 Crisis
As part of the Governor Talks series, Mohamed Benchaaboun, Minister of Economy and Finance of Morocco is in discussion with Jihad Azour, Director of the Middle East and Central Asia Department, IMF.
8:00 AM EDT: Press Briefing: Fiscal Monitor (FM)
The October 2020 FM examines countries’ experiences managing the crisis and discusses what governments can do in the different phases of the pandemic to save lives, reduce the impact of the recession, and revive growth and job creation.
"As economies begin to recover, governments should seize this moment to move away from the pre-crisis growth model and accelerate the transition to a low-carbon and digital economy. Carbon pricing should be a key feature of this transition, because it encourages people to reduce energy use and shift to cleaner alternatives—and, moreover, it generates revenue that can be used in part to support the most vulnerable," write the IMF's Vitor Gaspar, Paulo Medas, John Ralyea, and Elif Ture in a new blog.
Speakers include Vitor Gaspar, Director, Fiscal Affairs Department, IMF; Cathy Pattillo, Assistant Director, Fiscal Affairs Department, IMF; and Paolo Mauro, Deputy Director, Fiscal Affairs Department, IMF. The event will be moderated by Ting Yan, Communications Officer, Communications Department, IMF.
 8:00 AM EDT: IMF CD on Debt and Debt Management
Against the backdrop of rising debt levels in low-income countries, exacerbated by the COVID-19 pandemic, this talk will highlight the ongoing efforts to strengthen countries’ capacity to manage debt vulnerabilities and mitigate fiscal risks.
Speakers include Roger Nord, Institute for Capacity Development, IMF; Peter Breuer, Monetary and Capital Markets Department, IMF; Oana Croitoru, Institute for Capacity Development, IMF; Clement Ncuti, Statistics Department, IMF; Marcos Chamon, Strategy and Policy Review Department, IMF; and Amanda Sayegh, Fiscal Affairs Department, IMF.
9:00 AM EDT: Analytical Corner: Technology in a New World
Session 1: Digitalization and the Fight Against COVID-19 in Sub-Saharan Africa
Session 2: IT Shields: Technology Adoption and Economic Resilience During the COVID-19 Pandemic
Session 3: Mobile Money and COVID-19: Opportunities and Challenges
10:15 AM EDT: IMF Managing Director Press Briefing
Managing Director Kristalina Georgieva and First Deputy Managing Director Geoffrey Okamoto give an overview of the global economy and institutional priorities, and answer questions from the press. This event will be moderated by Gerry Rice, Director, Communications Department, IMF.
12:30 PM EDT: Conversation Between Melinda Gates & Kristalina Georgieva
Overcoming the pandemic requires investments—in testing, therapeutics, and vaccines—and global cooperation. Moderated by Becky Anderson, Anchor, CNN International, this special event will feature Kristalina Georgieva and Melinda Gates. Interested in some background reading on this topic? Click here for our recommended reading list (PDF).
TOMORROW'S AGENDA (THURSDAY, OCT 15)
5:30 AM EDT: Annual Meetings Plenary Speeches
Chaired by Dr. Ernest Kwamina Addison, Governor of Bank of Ghana, this event will feature keynote addresses from Kristalina Georgieva, Managing Director, IMF, and David Malpass, President, World Bank Group.
8:00 AM EDT: Capacity Development Talk: Introducing the IMF’s New Center for the Caucasus, Central Asia and Mongolia
The launch of this new capacity development center will feature a discussion with Ilkhom Norkulov, Ministry of Economic Development and Poverty Reduction, Uzbekistan; Jihad Azour, Middle East and Central Asia Department, IMF; Artak Harutyunyan, Statistics Department, IMF; Paul Inderbinen, Executive Director, IMF; and Padamja Khandelwal, Middle East and Central Asia Department, IMF.
10:45 AM EDT: Press Briefing - IMFC
Moderated by Gerry Rice, Director, Communications Department, IMF, this press briefing will feature Kristalina Georgieva, Managing Director, IMF, and Lesetja Kganyago, Chairman for the International Monetary Fund and Financial Committee (IMFC).
11:00 AM EDT: Analytical Corner: A Fairer Recovery
Session 1: Government Support to Firms During COVID-19: Benefits, Costs, and Risks
Session 2: Social Spending for Inclusive Growth in the Middle East and Central Asia
Session 3: "Flattening the Curve" of Insolvencies in the Time of COVID-19
Session 4: Procurement and Beneficial Ownership Transparency: A Pandemic-Driven New Take on Public Access
12:00 PM EDT: CNBC Debate on the Global Economy
The world economy has been hit by the biggest shock in the postwar era. Governments have responded with unprecedented measures to protect lives and livelihoods. Are we out of the woods yet? Moderated by Geoff Cutmore, Anchor, CNBC, this televised debate will feature Kristalina Georgieva, Managing Director, IMF; Christine Lagarde, President, European Central Bank; Sri Mulyani Indrawati, Finance Minister, Indonesia; and Ngozi Okonjo-Iweala, Board Chair at GAVI / AU Special Envoy on response to COVID-19. Interested in some background reading? Check out our recommended reading list here (PDF).
RECAP OF YESTERDAY
In our latest World Economic Outlook, we continue to project a deep recession in 2020. Global growth is projected to be -4.4 percent, an upward revision of 0.8 percentage points compared to our June update. This upgrade owes to somewhat less dire outcomes in the second quarter, as well as signs of a stronger recovery in the third quarter, offset partly by downgrades in some emerging and developing economies. In 2021 growth is projected to rebound to 5.2 percent, -0.2 percentage points below our June projection.
"If medical solutions can be available faster and more widely relative to our baseline, it could lead to a cumulative increase in global income of almost $9 trillion by end 2025, raising incomes in all countries and reducing income divergence," said IMF Chief Economist Gita Gopinath at the press conference. Read her full blog here and watch the press briefing here.
Don't forget to watch our Governor's Talks with Vera Daves de Sousa, Minister of Finance of Angola and Perry Warjiyo, Governor of Bank Indonesia. We also published three Analytical Corner discussions focused on COVID-19 lessons from Asia, Germany's Short-Time Work Program, and the broader economic effects of the Great Lockdown.
Yesterday we also published our latest Global Financial Stability Report, which found that while significant improvement in financial conditions has helped maintain the flow of credit to the economy, the economic outlook remains highly uncertain. A disconnect persists, for example, between financial markets—where there have been rising stock market valuations (despite the recent repricing)—and the weak economic activity and uncertain outlook. This gap can gradually narrow if the economy recovers swiftly. But if the recovery is delayed, for example because it may take longer to get the virus under control, the investor optimism may wane. Read the full blog here by Financial Counsellor and Director of the IMF’s Monetary and Capital Markets Department Tobias Adrian. You can also watch the press briefing here.
Finally, carve out some time to watch yesterday's highly engaging discussion on recovery and resilience moderated by Francine Lacqua, Anchor, Bloomberg Television, London. The event featured Kristalina Georgieva, Managing Director, IMF, who said that governments need to focus on three priorities: improve health systems, avoid withdrawing stimulus support prematurely, and direct stimulus funding towards transforming the economy. Mark Carney, Finance Adviser to the Prime Minister for COP 26 and UN Special Envoy for Climate Action and Finance, also participated in the event, noting that climate change is now center stage for the private sector, financial sector and the real economy.
Laurence Fink, Chairman and Chief Executive Officer, BlackRock, Inc., said that as we move forward to a more digital society, the need for hydrocarbons is going to reduce, and that we should provide digital access to every household in the world, which would lead to a better quality of life and a better existence. Vera Daves de Sousa, Finance Minister, Angola, talked about her strategy for the next 12 months: we need to make sure we survive, that we preserve lives, that our health system does not collapse, and that our debt remains sustainable. Interested in reading up on these issues? Click here for our recommended reading list (PDF) or watch the event here.
EARLIER THIS WEEK
Click here to watch European Central Bank President Christine Lagarde and IMF European Department Director Alfred Kammer discuss the post-pandemic landscape and challenges for policy makers in Europe. Lagarde said that we need to address the pandemic and support the recovery by focusing on three kinds of policies: a sound regulatory environment, targeted public investment that encourages private investment, and both education and training. She also noted that citizens are going to drive change moving forward, and that 75% of the population in the Euro area expects their government to put environmental protection and climate change at the top of their priorities.
Also, don't miss the 3 short Analytical Corners on Changing Societies that focused on the economic effects of migration, automation and jobs in Europe, and containment policies in Latin America.
In a Capacity Development talk, a wide range of panelists discussed the role of the IMF in helping Sub-Saharan Africa to promote good governance and minimize the risk of corruption in the use of COVID-19 financial support. We also posted a new Governor Talk featuring a discussion with Azucena Arbeleche, Minister of Economy and Finance, moderated by Alejandro Werner, Director, Western Hemisphere Department, IMF.
Finally, don't forget to check out yesterday's New Economy Forum: Learning in the Time of COVID, which featured Sal Khan, Founder and CEO of the Khan Academy, and Sabina Bhatia, Deputy Secretary of the IMF, discussing the challenges to our students and our education systems, the value and limitations of virtual learning, and the long-term impact on our societies.
FINAL THOUGHT
We're almost at the end of the week and would love to hear your feedback on this special daily briefing. Do you find it useful? What should we do more of (or less of)? We're very much looking forward to hearing from you. Write us a note directly here.
Looking to plan even further ahead? Click here to access the full schedule of the Annual Meetings.
Your next briefing will be Thursday Oct 15th, so stay tuned!
Sincerely,
IMF 2020 Annual Meetings Team
P.S. Have you read our latest FAQ on the IMF's Response to COVID-19?
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