Strengthening Economic Institutions for a Resilient Recovery

(photo: metamorworks/iStock by Getty Images)By Antoinette SayehWashington DC, Jun 11 2020 (IPS) Exceptional times call for exceptional action. In response to COVID-19, the IMF has moved with unprecedented speed and magnitude of financial assistance to help countries protect lives and livelihoods. Economic stabilization and a sustainable recovery, however, will require more than financial assistance. For recovery to be sustainable, policymakers will need to strengthen economic institutions that enable resilient, inclusive policies. Integrating capacity development with financial support Governments today face difficult policy decisions – but many lack the strong economic foundations and technical know-how to design and implement the necessary policies. Consider, for instance, the impact of COVID-19 on national budgets, which includes massive spending pressures, lost government revenues and higher debt. This makes progress towards the Sustainable Development Goals even more challenging, particularly for the most fragile and vulnerable countries. Which is why the IMF has been providing immediate and real-time policy advice and capacity development support to over 160 countries to address urgent issues such as cash management, financial supervision, cybersecurity, and economic governance. Direct, ongoing conversations with policymakers to develop capacity to tackle these issues always goes hand-in-hand with IMF financial support. Thus far, over 90 percent of countries that re...
Source: IPS Inter Press Service - Health - Category: International Medicine & Public Health Authors: Tags: Aid Development & Aid Economy & Trade Financial Crisis Global Global Governance Headlines Health Poverty & SDGs TerraViva United Nations Source Type: news