Building a Strong Post-Pandemic Recovery

IMF News, October 11, 2021

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Building a Strong Post-Pandemic Recovery

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Bibliographic details

• Published: October 11, 2021

Divergent global recovery and risks

• The global economy is emerging from "the biggest crisis of our lifetimes."
• A "divergent recovery" is taking hold:
  • Countries with access to vaccines and continued fiscal support are "well on their path to recovery."
  • Countries without vaccines and with stretched public finances are "at risk of falling behind."
• Many developing and low-income countries remain "still struggling" and "heavily affected by the pandemic."
• Progress toward the UN Sustainable Development Goals has "stalled – or even reversed – in many countries."

IMF capacity development demand and focus

• Rising demand for IMF capacity development services to provide technical assistance and training in:
  • debt management
  • domestic revenue mobilization
  • public financial management
  • monetary and financial systems
  • economic statistics
  • macroeconomic frameworks
• During the last fiscal year, "more than half of our capacity development work benefitted low-income countries."
• The IMF has "fully mobilized our toolbox" with a particular focus on the most vulnerable countries.
• Scaling up technical assistance and training to prepare for challenges posed by:
  • climate change
  • inequality
  • digitalization

Capacity development delivery network and partnerships

• Global capacity delivery structure highlighted:
  • "17 regional capacity development centers"
  • "8 thematic funds"
  • "the Somalia country fund"
  • bilateral initiatives
• Over half of IMF capacity development is funded by partners: "Over half of IMF capacity development is funded by partners."
• Recent and ongoing partnerships launched this year include: Japan, the European Union, Germany, the United States, and Sweden, in areas such as:
  • debt management
  • tax administration
  • fiscal governance
  • climate action

COVID-19 Crisis Capacity Development Initiative

• Launched last year to meet urgent needs of member countries.
• Recent expansion:
  • Belgium joined as the "9th funding partner" of this Initiative.
  • Funding reached "40 million dollars" — "with more pledges yet to come."
• Current funders of the Initiative are listed as: Japan, Germany, China, Korea, Canada, Belgium, Spain, Singapore, and Switzerland.

IMF learning and outreach metrics

• IMF online learning program:
  • Community comprises "more than 110,000 people from 193 countries worldwide."
  • "30 online courses open to the public."
• Upcoming capacity development event series topics (over the coming days) include:
  • engineering the green transformation
  • financing the Sustainable Development Goals
  • using nowcasting and big data to track economic activity

Event framing and acknowledgements

• Opening remarks delivered by Antoinette M. Sayeh, Deputy Managing Director, to launch the capacity development event series at the 2021 IMF Annual Meetings (October 11, 2021).
• Acknowledgement of strategic partners for enabling support to low-income countries.
• Special recognition and gratitude conveyed to Sharmini Coorey, Director of the Institute for Capacity Development, with note that "These Annual Meetings will be her last as staff."

Contact and media relations

• IMF Communications Department, MEDIA RELATIONS:
  • PRESS OFFICER:
  • Phone: +1 202 623-7100
  • Email: MEDIA@IMF.org
  • Twitter: @IMFSpokesperson

Opening Remarks by Deputy Managing Director Antoinette M. Sayeh, At the High Level Capacity Development Talk, 2021 IMF Annual Meetings, October 11, 2021 (IMF Press Center).

References

• https://www.imf.org/en/about/senior-officials/bios/antoinette-monsio-sayeh
• PRESS CENTER
• https://www.imf.org/en/home