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IMF - Exceptional Times, Exceptional Action: Opening Remarks For Spring Meetings Press Conference

Date 15/04/2020

Introduction and Outlook

Welcome to our virtual 2020 Spring Meetings!

I would like to start by wishing you and your families my personal best—for your health and safety in these difficult times. I would also like to express my profound gratitude to all those doctors, nurses, and workers who are serving so selflessly on the front lines of this health crisis.

Finansinspektionen’s View On The Application Of The EBA’s New Guidelines On Moratoria

Date 15/04/2020

The European Banking Authority (EBA) published guidelines on 2 April on the criteria that must be fulfilled in order for measures taken to be viewed as general moratoria. FI considers exemptions from amortisation requirements for mortgages and payment reliefs for small and mid-sized firms in accordance with the Swedish National Debt Office’s loan guarantees to be measures that can be viewed as general moratoria under the guidelines.

Moscow Exchange: Risk Parameters Change For The Securities

Date 15/04/2020

The following risk parameters will be changed:

IR risk (downward scenario) - SECΔ_1 (Y0/Y1)

EBA Issues Updated Guidelines On Equivalence Of Non-EU Authorities For Participation In Supervisory Colleges

Date 15/04/2020

The European Banking Authority (EBA) updated today its Guidelines on the equivalence of confidentiality and professional secrecy regimes by adding the State Department of Financial Services (United States) to the current list of non-EU (third country) supervisory authorities whose confidentiality regimes can be regarded as equivalent. The EBA Guidelines are designed to help EU authorities in their assessment of third country equivalence and to facilitate cooperation with third country supervisory authorities and their participation in supervisory colleges overseeing international banks.

Joint Statement By World Bank Group President David Malpass And IMF Managing Director Kristalina Georgieva On Outcome Of G20 Finance Ministers’ Meeting

Date 15/04/2020

We strongly welcome the decision of the G20 to respond to our call to allow the poorest countries of the world that request forbearance to suspend repayment of official bilateral credit on May 1st. This is a powerful, fast-acting initiative that will do much to safeguard the lives and livelihoods of millions of the most vulnerable people. The World Bank Group and IMF will move quickly to respond to the G20’s request for us to support this action by working closely with these countries in ways that make the best use of this vital lifeline. We championed this debt initiative, and we're committed to taking all possible steps to support the poor.”

OECD: Tax And Fiscal Policy Should Continue To Support Households And Businesses Through Containment, Then Shift To Bolstering Recovery

Date 15/04/2020

Tax and fiscal policy responses are playing a critical role in limiting the hardship caused by containment measures, and should continue to do so as governments seek to support households and businesses, protect employment and pursue economic recovery from the global pandemic, according to new OECD analysis.

Nigerian Stock Exchange Publishes Guidance To Facilitate Effective Virtual Meetings For Stakeholders Amidst Covid-19

Date 15/04/2020

The Nigerian Stock Exchange (“NSE” or “The Exchange”) has today, Wednesday, April 15, 2020, published guidance on virtual Board, Committee, and Management Meetings for stakeholders.

U.S. Chamber Statement On The World Health Organization

Date 15/04/2020

U.S. Chamber Executive Vice President and Head of International Affairs Myron Brilliant issued the following statement on the administration’s announcement regarding the World Health Organization (WHO):

“The Chamber supports a reformed but functional World Health Organization, and U.S. leadership and involvement are essential to ensuring its transparency and accountability going forward. However, cutting the WHO’s funding during the COVID-19 pandemic is not in U.S. interests given the organization’s critical role assisting other countries — particularly in the developing world — in their response.”

Are We Seeing A Bottom? Volatility Falls And Prices Rise As Markets Begin To Calm, William May, Senior Economist, IHS Markit

Date 15/04/2020

Commodity prices, as measured by the IHS Markit Materials Price Index (MPI), bounced 1.3% last week on hope, perhaps premature, that the COVID-19 crisis may be peaking. Eight of the MPI’s ten components rose last week, a nice broad-based move, especially considering the pervasive weakness seen over the previous three weeks. Still, the bump in commodity prices pales in comparison to the recent rally in equities. Commodity prices have front run this crisis and are clearly saying that fundamental demand is not surging back.

Remarks By IMF Managing Director Kristalina Georgieva During The G20 Finance Ministers And Central Bank Governors Meeting

Date 15/04/2020

International Monetary Fund (IMF) Managing Director Kristalina Georgieva made the following remarks today during the G20 Finance Ministers and Central Bank Governors meeting:

“Thank you to the Saudi Presidency for steering the G20 in this unprecedented crisis, and to all of you for the remarkable efforts to protect people and the economy. 8 trillion dollars of fiscal measures and ample liquidity by Central banks have helped build a bridge to recovery for companies and households. And you stepped up with an initiative on a time-bound suspension of debt service payments for the poorest countries. I wholeheartedly welcome this timely action."