Development Committee: The Managing Director's Written Statement October 2020

October 16, 2020

Preview Citation

Format: Chicago

Development Committee: The Managing Director's Written Statement October 2020, (USA: International Monetary Fund, 2020) accessed November 21, 2024

Summary

The global economy is embarking on a lengthy path to recovery with modest growth expected for 2021, after a severe contraction this year. The global forecast is subject to unusually large risks. Emerging markets and developing economies face an uphill battle. Low-income developing countries are in an especially vulnerable position and risk a persistent and significant deterioration in development prospects. Controlling the pandemic and cushioning the impact on the economy are key. LIDCs should adopt targeted containment measures and strictly prioritize spending and refrain from policies that could create long term damage. Multilateral cooperation and extensive support from the international community are indispensable. The IMF has helped EMDEs through emergency lending and debt service relief. Targeted surveillance and capacity development will tackle new policy challenges and react nimbly to the needs of the membership including fragile and small states.

Subject: Asset and liability management, COVID-19, Debt burden, Debt relief, Debt service, Debt sustainability, Emerging and frontier financial markets, External debt, Financial markets, Health

Keywords: Capacity development, COVID-19, Debt burden, Debt relief, Debt sustainability, Emerging and frontier financial markets, Global, Health crisis, IMF support, IMF surveillance, IMF-World Bank debt sustainability assessment, International community, Lending toolkit, Policy decision, Policy response, PP, World economy

Publication Details

Pages:

05
Volume:

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DOI:

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Issue:

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Series:

Policy Paper No. 2020/049
Stock No:

PPEA2020049
ISBN:

9781513559094
ISSN:

2663-3493

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