IMF Says Global Financial Safety Net To Remain Until Pandemic Ends

IMF Says Global Financial Safety Net To Remain Until Pandemic Ends

Author: Africa Business Radio December 6, 2021 Duration: 25:14
News Express
Business
The International Monetary Fund has said the continued use of the global financial safety net will need to be kept in place until the global pandemic crisis comes to an end as the total stock of international reserve holdings has more than doubled to about $14 trillion at the end of 2020 since the global financial crisis, while other layers of the safety net rose tenfold to about $4 trillion.
The global financial safety net is a set of institutions and mechanisms that provide insurance against crises and financing to mitigate their impact and this safety net has four main layers.
The layers, according to the IMF, include countries’ own international reserves; bilateral swap arrangements whereby central banks exchange currencies to provide liquidity to financial markets; regional financial arrangements by which countries pool resources to leverage financing in a crisis; and the IMF.

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