By Samantha Igo and Ember Larregui The past few months have been marked by extreme weather events unprecedented in their frequency and severity, racking up nearly $298 billion in damages so far this year. In the face of the pandemic and the worsening climate crisis, the International Monetary Fund (IMF) announced a historic allocation of […]
By Rishikesh Ram Bhandary The International Monetary Fund (IMF) recently approved a global allocation of $650 billion in Special Drawing Rights (SDRs) to support global liquidity, address the ongoing COVID-19 pandemic and foster resilience of the global economy. While a substantial step in the right direction, the allocation falls short on two main fronts. First, […]
In a historic breakthrough for the multilateral system, the International Monetary Fund (IMF) approved the global allocation of $650 billion in Special Drawing Rights (SDRs)—the international reserve asset issued by the IMF—to support liquidity and foster the resilience of the global economy in the wake of the COVID-19 pandemic. While unprecedented in its scope, this […]
The COVID-19 pandemic has led to unprecedented global economic and human crisis, with many developing countries facing serious challenges in continuing to service ballooning levels of sovereign debt. Half of all low-income countries are either already in debt distress or at high risk. Against this backdrop, creditors and the international community have been contemplating various […]
By Katie Gallogly-Swan On Thursday, July 15, the Boston University Global Development Policy (GDP) Center and the United Nations Conference on Trade and Development (UNCTAD) hosted a webinar discussion to explore the recently announced “Build Back Better World’” (B3W) Partnership from the G7, billed as a “Green Marshall Plan” to generate improved access to financing […]
On July 9-10, 2021, the Finance Ministers and Central Bank Governors (FMCBGs) of the G20 gathered in Venice, Italy for their third official meeting under the Italian G20 Presidency. The communique, or readout, summarizes the discussions and agreements the FMCBGs came to during the meeting. While acknowledging that the overall global outlook has improved since […]
By Xinyue Ma As countries strive to recover from the COVID-19 pandemic, the world is in urgent need of liquidity to fill the investment gap in development areas such as public health, climate change, and inequality. In the midst of this, economic risks around the world are straining the so-called Global Financial Safety Net (GFSN), […]
By Katie Gallogly-Swan After much anticipation of the post-Trump era of international cooperation on the multiple crises the world is facing, the meeting of the G20 Finance Ministers and Central Bank Governors (FMCBG) on February 26th took place with little fanfare, but notable progress. Mantras of the importance of multilateralism and cooperation were roundly repeated, […]
The outbreak of COVID-19 is a human tragedy that is rapidly becoming an economic tragedy as well. As the world’s health systems are under strain to combat the virus, the present Global Financial Safety Net (GFSN) is similarly struggling to respond to the severe financial strain governments are facing around the world. A high degree […]