IMF Conference: Fragility, Conflict, and Macroeconomic Policy in a Shock-Prone World

June 6-7, 2022

The International Monetary Fund is organizing a conference in partnership with the UK Foreign, Commonwealth & Development Office to explore the nexus between fragility, conflict, and macroeconomic policy. On June 6, policymakers, leading academics, and practitioners will reflect on insights from a new publication on Macroeconomic Policy in Fragile States (Oxford University Press, 2021), coordinated by IMF staff with contributions from leading academics and funded through the Macroeconomics in Low-Income Countries research partnership with FCDO. On June 7, the sessions will focus on the Fund’s stepped-up efforts to support its most vulnerable members, including the newly approved IMF Strategy for Fragile and Conflict-Affected States (FCS), and efforts to work with humanitarian, development, and peace actors.

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    Monday, June 6, 2022

    9:00 – 10:00    Session 1: Fragility, Conflict, and Macroeconomic Policy

    Fragility and conflict impose heavy human costs, but also create a radically different policy space shaped by the mix of limited public goods, social tensions, political instability, and weak state capacity. This session will provide an overview of how macroeconomic policies can be adapted to address these challenges. Discussions will focus on insights and lessons learned from the new publication “Macroeconomic Policy in Fragile States” (Oxford University Press, 2021), coordinated by IMF staff with contributions from leading academics.

    Session Chair and Moderator

    Welcoming Remarks 









    Pierre-Olivier Gourinchas, Economic Counselor and Director of Research, IMF

    Antoinette Sayeh, Deputy Managing Director, IMF

    • Raphael Espinoza, Deputy Division Chief, IMF, and co-editor Macroeconomic Policy in Fragile States
    • James Robinson, University Professor and Director of the Pearson Institute for the Study and Resolution of Global Conflicts, University of Chicago
    • Ibrahim Elbadawi, Managing Director of the Economic Research Forum, former Minister of Finance, Sudan
    • Ralph Chami, Assistant Director, IMF, and co-editor Macroeconomic Policy in Fragile States
     Q&A  30 Minutes

     10:00 – 10:30


    10:30 – 11:30Session 2 – Building State Capacity to Exit the Fragility Trap 

    This session will explore efforts to build state capacity in FCS, especially through the lens of policymakers. Building state capacity through technical support offered by institutions such as the IMF and donors can help reverse fragility. However, the task goes beyond technical constraints, reflecting a wide range of challenges such as weak governance, the lack of cohesiveness in the operation of the state, and the lack of state legitimacy. The session will identify challenges but also opportunities of strengthening capacities in the context of fragility and conflict – including a frank conversation of policy trade-offs in FCS.

    Session Chair and Moderator


    Dominique Desruelle, Director, Institute for Capacity Development, IMF
    • Salam Fayyad, Visiting Senior Scholar and Lecturer in Public Policy, Princeton University, former Prime Minister of the Palestinian Authority
    • Malangu Kabedi-Mbuyi, Governor of the Central Bank, Democratic Republic of Congo
    • Katherine Baer, Deputy Director, Fiscal Affairs Department, IMF
     Q&A  30 Minutes

    Tuesday, June 7, 2022

    9:00 – 10:00          Session 3 – Enhancing the IMF’s Engagement in FCS: The Fund’s FCS Strategy

    The IMF is stepping up its engagement with fragile and conflict-affected states, including by completing its first FCS Strategy. Through long-term engagement and working with partners, the Fund aims to enhance its effectiveness to support FCS in achieving macroeconomic stability to help them exit from fragility, strengthen their resilience, and promote sustainable and inclusive economic growth. This session will showcase the new elements of the Fund’s engagement with FCS, as articulated by the FCS Strategy.
    Session Chair and Moderator

    FCS Strategy Overview


    Mahmoud Mohieldin, Executive Director, IMF

    Franck Bousquet, Deputy Director, Institute for Capacity Development, IMF

    • José Carlos Casimiro Varela, State Secretary for Budget and Tax issues, Guinea Bissau
    • Abebe Aemro Selassie, Director, African Department, IMF
    • Kate Phillips-Barrasso, Vice President of Global Policy and Advocacy, Mercy Corps
    • Masood Ahmed, President, Center for Global Development
     Q&A  30 minutes
     10:00-10:30 a.m. Break
    10:30 – 11:30        Session 4 – Strengthening Cooperation between International Organizations   in FCS

    This session will discuss the importance of partnerships in supporting fragile and conflict affected states (FCS) and provide concrete ways to further scale up the coordination among international, national, and local organizations. Using examples and lessons learned from country cases, the discussion will highlight the importance of leveraging each organization’s mandate and core competencies through humanitarian, development, peace, and macroeconomic policy interventions that jointly address fragility and conflict. The session will also showcase perspectives from country authorities and donors.

    Session Chair and Moderator










    Sarah Cliffe, President, Center for International Cooperation, New York University

    • Abdirahman Dualeh Beileh, Minister of Finance, Somalia
    • Nick Dyer, Director General, Humanitarian and Development, Foreign, Commonwealth, and Development Office, United Kingdom
    • Peter Maurer, President, International Committee of the Red Cross
    • Ousmane Diagana, Regional Vice President, Western and Central Africa, World Bank
    • Tobias Adrian, Financial Counsellor and Director of the Monetary and Capital Markets Department, IMF
     Q&A 30 minutes 


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