• RT @KGeorgieva: Peru and Chile are taking important measures to protect the lives and livelihoods of their people during the pandemic. The…
    IMF Sat 30 May 2020 00:24
  • Watch live: How will #COVID19 and the plunge in oil prices reshape the #Middle_East? @IMFNews Director for the Middle East and Central Asia Jihad Azour, @EscwaES Rola Dashti, @samanthaenergy and @HadyAmr @BrookingsFP Monday, June 1 at 10 am EDT Link
    IMF Fri 29 May 2020 23:14

    COVID–19 and the recent plunge in oil prices have shaken the Middle East to its core. Middle East economies rely heavily on oil, remittances, and tourism, all three of which have been decimated by the second-order effects of the pandemic. The simultaneous shocks will challenge states across the region, particularly those that are already struggling or are otherwise fragile. With added pressure on governments to slow the spread of the virus, the pandemic will ultimately change both domestic and regional politics and economies in the Middle East.  

    On June 1, the Brookings Center for Middle East Policy will host a virtual panel event to discuss how COVID–19 is likely to reshape the Middle East. The panel will feature Jihad Azour, director for the Middle East and Central Asia at the International Monetary...

  • Chile’s very strong policies, economic performance, and institutions have been instrumental in absorbing the impact of recent shocks. The Flexible Credit Line of US$23.93 bln will provide valuable insurance against tail risks arising from #COVID19 crisis. Link https://t.co/PY3taqrqPZ
    IMF Fri 29 May 2020 22:39
    The IMF approved today a two-year arrangement for Chile under the Flexible Credit Line (FCL), designed for crisis prevention, of about US$23.93 billion. Chile qualifies for the FCL by virtue of its very strong fundamentals, institutional policy frameworks, track record of economic performance and policy implementation and commitment to maintain such policies in the future. The arrangement should boost confidence, and combined with the comfortable level of international reserves, provide insurance against downside risks. The authorities intend to treat the arrangement as precautionary financing.
  • #Bangladesh is the 60th country to receive IMF emergency financing. Today, US$732 million was approved by the IMF’s Executive Board to help the country fight the social and economic challenges of #COVID19. Link https://t.co/S1BrHqyb7T
    IMF Fri 29 May 2020 20:29
    The IMF Executive Board approves the 60th request for emergency financial assistance to help its member countries address the challenges posed by COVID-19. Bangladesh’s economy has been severely impacted by the COVID-19 pandemic with weaker domestic demand and a sharp decline in exports and remittances. To address the urgent balance-of-payments and fiscal needs, the IMF approved US$ 732 million emergency assistance for Bangladesh under the Rapid Credit Facility and the Rapid Financing Instrument. The government has scaled up health and social protection expenditures to mitigate the pandemic’s impact on the population and adopted several stimulus measures to preserve economic activity.
  • RT @IMFLive: IMF’s Selassie: Absent a robust domestic response and strong external support, #COVID19 threatens to reverse sub-Saharan Afric…
    IMF Fri 29 May 2020 16:44
  • RT @imfcapdev: How is public sector #debt valued? Learn the importance of using internationally-based accounting principles to compile publ…
    IMF Fri 29 May 2020 16:04
  • RT @IMFLive: IMF’s Adrian @IIF: It is important to strengthen climate literacy by enhancing the visibility of relevant findings in climate…
    IMF Fri 29 May 2020 14:13
  • Historical analysis shows only 10% of climatic disasters had significant market impact. Chapter 5 of #GFSR argues equity investors are ill-prepared to assess complex risks developing over very long timeframes. Link #IMFBlog https://t.co/T1SoYOONMU
    IMF Fri 29 May 2020 14:03

    By Felix Suntheim and Jérôme Vandenbussche

    The damage from the 2011 floods in Thailand amounted to around 10 percent of Thailand’s GDP, not even considering all the indirect costs through a loss in economic activity in the country and abroad. By some estimates, the total costs of the 2018 wildfires in California were up to $350 billion, or 1.7 percent of U.S. GDP. Every year, climatic disasters cause human suffering as well as large economic and ecological damage. Over the past decade, direct damages of such disasters are estimated to add up to around US$ 1.3 trillion (or around 0.2% of world GDP) on average, per year.

  • RT @IMFLive: IMF’s Adrian @IIF: Climate scientists have been warning that climate change will increase the frequency and severity of many c…
    IMF Fri 29 May 2020 13:53
  • Global warming will increase frequency and severity of extreme weather events. Equity investors might not be pricing adequately the risk associated with loss of life and property and economic disruption. Read the #IMFBlog: Link #GFSR https://t.co/hWEyOOjDC3
    IMF Fri 29 May 2020 13:33

    By Felix Suntheim and Jérôme Vandenbussche

    The damage from the 2011 floods in Thailand amounted to around 10 percent of Thailand’s GDP, not even considering all the indirect costs through a loss in economic activity in the country and abroad. By some estimates, the total costs of the 2018 wildfires in California were up to $350 billion, or 1.7 percent of U.S. GDP. Every year, climatic disasters cause human suffering as well as large economic and ecological damage. Over the past decade, direct damages of such disasters are estimated to add up to around US$ 1.3 trillion (or around 0.2% of world GDP) on average, per year.

  • The new #GFSR research says #ClimateChange stress tests are becoming more common, & a good way for financial firms and governments to better understand risks related to the physical damage, life loss, & economic disruption caused by severe weather events Link https://t.co/VycqxaU6ja
    IMF Fri 29 May 2020 13:08

    By Felix Suntheim and Jérôme Vandenbussche

    The damage from the 2011 floods in Thailand amounted to around 10 percent of Thailand’s GDP, not even considering all the indirect costs through a loss in economic activity in the country and abroad. By some estimates, the total costs of the 2018 wildfires in California were up to $350 billion, or 1.7 percent of U.S. GDP. Every year, climatic disasters cause human suffering as well as large economic and ecological damage. Over the past decade, direct damages of such disasters are estimated to add up to around US$ 1.3 trillion (or around 0.2% of world GDP) on average, per year.

  • Starting Now: Live discussion on our new #GFSR research on #ClimateChange with IMF Financial Counsellor, Tobias Adrian Link @IIF Link
    IMF Fri 29 May 2020 13:03

    The April 2020 Global Financial Stability Report (GFSR) assesses the financial stability challenges posed by the coronavirus (COVID-19) pandemic. Chapter 1 describes how financial conditions tightened abrubtly with the onset of the pandemic, with risk asset prices dropping sharply as investors rushed to safety and liquidity. It finds that a further tightening of financial conditions may expose vulnerabilities, including among nonbank financial institutions, and that bank resilience may be tested if economic and financial market stresses rise. Vulnerabilities in global risky corporate credit markets, including weakened credit quality of borrowers, looser underwriting standards, liquidity risks at investment funds, and increased interconnectedness, could generate losses at nonbank financial institutions in a severe adverse scenario, as discussed in Chapter 2. The pandemic led to an unprecedented and sharp reversal of portfolio flows, highlighting the challenges of managing flows...

  • The IMF’s Flexible Credit Line serves as temporary insurance to support Peru’s very strong policy and institutional frameworks against the #COVID19 shock. #Peru intends to treat the arrangement as precautionary. Link https://t.co/IMMoaJ18DU
    IMF Fri 29 May 2020 00:33
    The IMF approved today a two-year arrangement for Peru under the Flexible Credit Line (FCL), designed for crisis prevention, of about US$11 billion. Peru qualifies for the FCL by virtue of its very strong fundamentals and institutional policy frameworks and track record of economic performance and policy implementation. The arrangement should boost confidence, and combined with the comfortable level of international reserves, provide insurance against downside risks. The authorities intend to treat the arrangement as precautionary.
  • IMF's First Deputy Managing Director @gwsokamoto speaks with Bloomberg's @tomkeene on the IMF's role at the forefront of the COVID19 economic crisis. Watch the interview here ? Link https://t.co/rohKwbjk4z
    IMF Thu 28 May 2020 23:03
  • RT @gwsokamoto: The IMF has been moving quickly to build relationships across institutions, as well as bilaterally with member countries to…
    IMF Thu 28 May 2020 22:43
  • In an interview with #IMFCountryFocus, Jamaica’s Finance Minister @DrNigelClarkeJa explains what measures his country is taking to protect lives and livelihoods from the impact of the #COVID19 pandemic. Link https://t.co/Ck141DoqCp
    IMF Thu 28 May 2020 20:08

    May 28, 2020

    The COVID-19 crisis is having a significant impact on Jamaica. The pandemic, which is severely hurting tourism and remittances, reached the Caribbean country just a few months after the successful conclusion of its economic reform program—which was supported by a $1.66 billion Stand-By Arrangement from the IMF.

  • Join us tomorrow, May 29, 9:00 am ET, for the live launch of a new #GFSR chapter on Climate Change: Physical Risk and Equity Prices. Link Link
    IMF Thu 28 May 2020 19:03

    The coronavirus (COVID-19) pandemic poses unprecedented health, economic, and financial stability challenges. Following the COVID-19 outbreak, the prices of risk assets collapsed and market volatility spiked, while expectations of widespread defaults led to a surge in borrowing costs. Several factors amplified asset price moves: previously overstretched asset valuations, pressures to unwind leveraged trades, dealers’ balance-sheet constraints, and a deterioration in market liquidity. Emerging market economies experienced the sharpest reversal of portfolio flows on record. As a result, financial conditions tightened at an unprecedented speed. Decisive monetary, financial, and fiscal policy actions—aimed at containing the fallout from the pandemic—managed to stabilize investor sentiment in late March–early April, with markets paring back some of their losses.

    A further tightening of financial conditions may expose more “cracks” in global financial markets and test the...

  • RT @KGeorgieva: As I told world leaders earlier, the best memorial we can all build for those who have lost their lives to the #COVID19 pan…
    IMF Thu 28 May 2020 17:43
  • Remarks by @KGeorgieva at the @UN High-Level-Event on Financing for Development in the Era of COVID-19 and Beyond. Link #Fin4Dev #GlobalGoals https://t.co/7aBEn4jAnC
    IMF Thu 28 May 2020 17:13

    May 28, 2020

    Good morning. I want to thank Prime Minister Trudeau, Prime Minister Holness, and Secretary-General Guterres for keeping a focus on development amidst an exceptional crisis.

    Let me start with a simple fact: we will end 2020 with a smaller global economy than at the start of the year. 170 countries, almost 90 percent of the world, will be worse off.

    Of course, this downturn is anything but simple. The COVID-19 crisis is first and foremost a human tragedy, and it is more complex, more uncertain, and more severe than anything we have seen in living memory. In April, the IMF projected global output to shrink by 3.0 percent this year. Recent data releases suggest the global contraction may be even worse than that. We do expect partial recovery in 2021, and highly value the decisive actions taken by policy makers around the world to stabilize the economy.

    In my intervention today I will focus on three questions: What are the global financial...

  • .@KGeorgieva: The #COVID19 crisis could have been even worse without the decisive policy actions taken by many countries. Globally, fiscal actions so far amount to about US$9 trillion. More is still needed. #Fin4Dev #GlobalGoals https://t.co/afY2GivfUB
    IMF Thu 28 May 2020 16:48
  • Read our latest #IMFCountryFocus to find out how the Jamaican government has ramped up its recovery efforts and established a special task force to effectively respond to the economic impact of the #COVID19 crisis. Link #Jamaica https://t.co/awvybDbZmu
    IMF Thu 28 May 2020 16:08

    May 28, 2020

    The COVID-19 crisis is having a significant impact on Jamaica. The pandemic, which is severely hurting tourism and remittances, reached the Caribbean country just a few months after the successful conclusion of its economic reform program—which was supported by a $1.66 billion Stand-By Arrangement from the IMF.

  • While countries must own the primary responsibility for achieving the #SDGs, the private sector, providers of development assistance, philanthropists, and international institutions need to work together and accelerate the efforts. Link https://t.co/eu1NpS8niL
    IMF Thu 28 May 2020 16:03

    May 28, 2020

    “As Prepared for Delivery”

    I thank Minister Annamuhammedov and Ms. Elena Panova for their kind invitation to participate in this conference. It is not accidental that this conference is taking place in Ashgabat. Turkmenistan was one of the first countries to have formally accepted all Sustainable Development Goals developed by the United Nations and has been integrating these goals into its national plans for socio-economic development.

    Achieving SDGs is an important priority for emerging markets and developing countries. Significant progress has already been made in the Caucasus and Central Asia region in this area. Yet there is still a lot more to be done. The COVID-19 pandemic has made the task of achieving SDGs even more urgent and challenging.

    Before the COVID pandemic, we knew that financing the required scale-up of spending for reaching the SDGs was a challenge. An IMF study showed that the additional spending required for...

  • RT @KGeorgieva: Very productive conversation with global leaders on actions needed to help emerging market and low-income countries tackle…
    IMF Thu 28 May 2020 14:57
  • Join @GitaGopinath and @MarkusEconomist for a discussion about #TheGreatLockdown on Friday, May 29 at 12:30pm ET. @PrincetonBCF #COVID19 Link
    IMF Thu 28 May 2020 14:37

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  • RT @IMFLive: .@KGeorgieva: The IMF is working 24/7 to support countries through this crisis. We have already provided emergency financing o…
    IMF Thu 28 May 2020 14:17
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