How the IMF Can Help Countries Address the Economic Impact of Coronavirus (COVID-19)
The IMF stands ready to provide assistance to member countries facing immediate financing needs arising from public health disasters. A global health crisis, such as the coronavirus, inevitably can have an adverse economic impact, and it is part of the IMF’s mandate to assist countries through policy advice and lending. The institution is working closely with its development partners—World Bank, World Health Organization, and Asian Development Bank—and other health officials to provide timely policy advice, technical assistance, and financial support. The IMF has a number of facilities and instruments in its toolkit to help countries respond to the economic impact of the coronavirus. Read more.
“The IMF could quickly disburse $50 billion through its emergency financing facilities to low income and emerging market countries dealing with COVID-19.” Kristalina Georgieva Managing Director, IMF
For the latest news from the IMF on Coronavirus, please visit www.imf.org/coronavirus
PAST FEATURES
Webinar on Promoting the Effective Use of COVID-19 Finances: A Discussion with SSA Civil Society Organizations
July 14, 2020
On July 14, 2020, the International Monetary Fund’s (IMF) Africa Training Institute hosted a webinar titled: Promoting the Effective Use of COVID-19 Finances: A Discussion with sub-Saharan Africa Civil Society Organizations (CSOs). Over 70 CSOs representing local and national entities were in attendance along with IMF staff from the African, Legal, Fiscal Affairs, Communications, and Strategy, Policy and Review departments. CSOs welcomed the quick emergency support to SSA countries, the emphasis on saving lives and the efforts taken by the IMF to push for transparency measures in the use of the COVID-19 funds. They also pointed to the value of having a good balance between providing essential financing and the need for a more structured CSO-led approach for monitoring and tracking the use of funds in countries. CSO also called upon the IMF to keep updating them on this topic and they also committed themselves to continue keeping an eye on how COVID-19 funds are being spent in their countries.
Additional details:
Presentation by Rhoda Weeks–Brown, General Counsel and Director, Legal Department, IMF
Presentation by Vitor Gaspar, Director, Fiscal Affairs Department, IMF
Message from Abebe Aemro Selassie, Director, African Department, IMF
Workshop with Civil Society representatives from Nigeria
November 12-13 2019
Workshop with Civil Society representatives from the Maghreb
November 7-8, 2019
The IMF organized a workshop with Civil Society Organizations (CSOs) from the Maghreb region in Rabat, Morocco. 15 participants representing CSOs based in Algeria, Mauritania, Morocco, and Tunisia attended the two-day seminar in Arabic and French. It was an opportunity for participants to get a better understanding of the role of the IMF, especially in the region, and to exchange views with IMF staff on important issues in their countries such as gender, corruption, unemployment (especially for youth and women), Maghreb economic integration, fiscal policy and income inequality. The IMF 2021 Annual Meetings will take place in Marrakesh, Morocco in October 2021.
Workshop with Civil Society representatives from the CEMAC region
On March 25-26, the IMF organized its second workshop with Civil Society Organizations (CSOs) from the Central African Economic and Monetary Community (CEMAC). 17 participants representing CSOs or regional CSO networks based in the Gabon, Chad, Cameroon, Central Africa Republic, Congo and Equatorial Guinea attended the two-day seminar in French. It was an opportunity for participants to get a better understanding of the role of the IMF, especially in the region, and to exchange views and thoughts with IMF staff on important issues in their countries such as fiscal policy, gender and income inequality, Anti-Corruption, debt and jobs and employment.
Workshop with Civil Society representatives from East and South East Asia in Manila, Philippines
On June 19-20, the IMF organized a workshop with Civil Society Organizations (CSOs) from East and Southeast Asia in Manila, the Philippines.
Opportunity for All: Promoting Growth, Jobs, and Inclusiveness in the Arab World
On the sidelines of the regional conference “Opportunity for All: Promoting Growth, Jobs, and Inclusiveness in the Arab World”, the IMF held a CSO workshop which included about 30 civil society organizations from the region in Marrakech, Morocco on January 28-29, 2018.
The workshop focused on topics related to fiscal policy which included energy subsidies and social safety nets, fair taxation and public wage bill management in the Middle East and North Africa region. CSOs expressed their perspectives on the various issues and exchanged views with senior IMF staff that attended the workshop. CSOs played a key role during the conference where some of them moderated the innovation lab sessions and participated in the various sessions throughout the conference. At the end of the conference, CSOs issued a statement welcoming the IMF’s outreach efforts and sharing their perspectives on the IMF’s policies in the region and the IMF’s work on inequality and inclusive growth.
CSO and Youth Fellowship Program
Over the past 14 years, the IMF has sponsored more than 700 CSOs from low income countries and emerging markets to come to our Annual and Spring Meetings. Watch the video to learn more about our CSO and Youth Fellowship Program.
PUBLICATIONS
Progress In Implementing The Framework For Enhanced Fund Engagement On Governance
This paper provides an interim update on implementation of the 2018 Framework for Enhanced Fund Engagement on Governance. This update is in advance of a comprehensive formal review of the Framework scheduled for mid-2021.
Review of Implementation of IMF Commitments in Support of the 2030 Agenda for Sustainable Development
This paper reviews the implementation of the initiatives the IMF committed to in 2015 to support developing countries in pursuing the 2030 agenda for sustainable development, including (i) strengthening national tax systems; (ii) tackling large infrastructure gaps; (iii) promoting economic inclusion; (iv) the development of domestic financial markets; (v) intensifying engagement in fragile and conflict-affected states; (vi) improving economic statistics; (vii) expanding the financial safety net for developing countries; and (viii) addressing macroeconomic aspects of climate change.
A Strategy for IMF engagement on social spending”
Interest in social spending issues has intensified over the last decade. This reflects concerns about rising inequality and the need to support vulnerable groups, especially in the aftermath of the global financial crisis. In line with this, the Fund has also increased its engagement on social spending issues. This paper outlines a strategy to guide IMF engagement on social spending issues going forward
Corporate taxation in the global economy
With special attention to the circumstances of developing countries, the paper identifies and discusses various options currently under discussion for the international tax system to ensure that countries, and in particular low-income countries, can continue to collect corporate tax revenues from multinational activities
How to Operationalize Gender Issues in Country Work
This note provides examples of good practice with respect to coverage of gender issues in country reports and lays out the resources available to country teams, both with respect to existing analytical work as well as the availability of data and tools.
How to Operationalize Inequality Issues in Country Work
This note provides examples of good practices with respect to coverage of inequality-related issues in country reports and lays out the resources available to country teams, both with respect to existing analytical work as well as the availability of data and tools.
Fiscal Monitor: Tackling Inequality
Rising inequality and slow economic growth in many countries have focused attention on policies to support inclusive growth. This Fiscal Monitor discusses how fiscal policies can help achieve redistributive objectives. It focuses on three salient policy debates: tax rates at the top of the income distribution, the introduction of a universal basic income, and the role of public spending on education and health.
The role of the Fund in governance issues
Against a growing recognition that systemic corruption can undermine prospects for delivering sustainable and inclusive growth, the paper assesses the extent to which corruption has been appropriately addressed in the IMF's work in member countries in both economic reviews and Fund-supported programs.