The Banking Executive Magazine - April 2021

World Bank/IMF Spring Meetings 2021 countries meet their financing needs. We will work together to continue strengthening debt transparency practices by both debtors and credi- tors, public and private, and support- ing countries’ efforts to maintain debt sustainability. Where appropriate, we will facilitate swift debt treatment to- gether with broad participation by of- ficial and private creditors in line with the comparability of treatment principle. We welcome the managing director’s global policy agenda. We welcome the imf’s efforts to help members toward a sustained recov- ery from the crisis. We call on the imf to make a comprehensive proposal on a new special drawing rights (sdr) general allocation of us$650 billion to help meet the long-term global need to supplement reserves, while enhancing transparency and ac- countability in the reporting and the use of sdrs. We welcome the imf’s support to help members transition to upper- credit-tranche-quality programs for countries that move out of the emer- gency phase of the crisis. We call on the imf to explore how to further sup- port vulnerable low-income and middle-income countries in line with its mandate. We call on the imf to work with its members to continue exploring ways for voluntary post-al- location channeling of sdrs to sup- port members’ recovery efforts. We support the imf to explore reforms to its concessional financing instru- ments for low-income countries and to increase the lending capacity of the poverty reduction and growth trust, and to secure sufficient contri- butions for a final tranche of debt service relief from the catastrophe containment and relief trust, includ- ing from new participants for both trusts. We support the imf’s en- hanced assistance to help address particular challenges faced by fragile and conflict-affected states, small states, and countries hosting refugees. We encourage members to contribute to sudan’s financing pack- age for the clearance of arrears to the imf and debt relief under the en- hanced heavily indebted poor coun- tries initiative. We welcome the imf’s work on advancing the debt agenda jointly with the world bank, includ- ing by continuing to support the ef- fective implementation of the g20 debt service suspension initiative and common framework, which are also agreed by the paris club, and by re- viewing key policies and rolling out enhanced tools to support efficient implementation of sovereign debt re- structuring. We highlight the critical role of sur- veillance in providing cutting-edge policy advice and macro-financial analysis tailored to country circum- stances, supported by targeted ca- pacity development. We look forward to the review of the imf’s in- stitutional view on capital flows, in- formed by, among others, the integrated policy framework. The imf has an important role in responding to members’ diverse needs for guid- ance on the macroeconomic and fi- nancial implications of climate change issues. We, therefore, support the imf in stepping up work to help its members identify and manage the macro-critical implications of cli- mate change, digitalization, inequal- ity, and fragility, in close collaboration with partners, and to further integrate these issues into its surveillance, lending, and capacity development in line with its man- date. We will explore the appropriate budget envelope for ensuring that the imf has the staff and skills required to carry out its mandate. We also sup- port ongoing modernization projects and call for further progress on diver- sity. We reaffirm our commitment to a strong, quota-based, and adequately resourced imf at the center of the global financial safety net. We wel- come the effectiveness of the dou- bling of the new arrangements to borrow and of the new round of bi- lateral borrowing agreements. We re- main committed to revisiting the adequacy of quotas and will con- tinue the process of imf governance reform under the 16th general review of quotas, including a new quota for- mula as a guide, by december 15, 2023. We welcome the start of this work and look forward to the first progress report by the time of the an- nual meetings. Our next meeting is expected to be held on october 14, 2021. the BANKING EXECUTIVE 38 ISSUE 148 APRIL 2021