Regional Financing Arrangements 5th High-level Dialogue
RFAs highlight vital role of multilateral cooperation amid Covid-19
Regional Financing Arrangements (RFAs) from across the world held their fifth Annual High-level Dialogue today to discuss the important role that multinational cooperation should play at a time when the international community continues to suffer from the extraordinary human and economic crisis caused by Covid-19. The meeting was held virtually this year.
RFAs are mechanisms through which groups of countries mutually pledge financial support to their member economies experiencing financial difficulties in their regions. Together they serve as the regional line of defence in the Global Financial Safety Net. The meeting was co-organised by the ASEAN+3 Macroeconomic Research Office (AMRO), the European Stability Mechanism (ESM), and the Latin American Reserve Fund (FLAR).
At the meeting, the heads of the RFAs acknowledged the completion of the work related to inter-institutional cooperation, in the areas identified in 2018 and agreed to launch a new joint RFA staff study to compare the COVID-19 responses across regions. The pandemic showed the importance of adapting lending toolkits to the member states’ needs and the value of having a diverse set of instruments.
In addition to the three organising institutions, the meeting was also attended by representatives of the Arab Monetary Fund, the Chiang Mai Initiative Multilateralisation, the Eurasian Fund for Stabilization and Development, the European Commission, and the G20 International Financial Architecture Working Group. To emphasise the close cooperation between the International Monetary Fund (IMF) and the RFAs, and the importance of the international effort in safeguarding human lives and tacking the economic challenges caused by the pandemic, Ms. Kristalina Georgieva, IMF Managing Director, participated in the seminar to exchange views with the heads of RFAs.
The heads of RFAs and representatives of the IMF meet once a year at the margin of the IMF Annual Meetings for a High-level RFA policy dialogue. In addition to this high-level meeting, the RFAs hold an annual joint Research Seminar. This event brings together scholars and policy experts, including from the IMF, to discuss technical issues relevant for RFAs’ operations. This year the seminar will be organised virtually in December.
Joint Statement of the Fifth High-Level Regional Financing Arrangements (RFA) Dialogue
Joint IMF-RFAs press release on participation in 5th High-level RFA Dialogue