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ADDIS: International Monetary Fund boosts efforts to help countries finance development | UN News
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Financial inflows from the rest of the world to developing countries include official development assistance ODA , investment flows - both portfolio and foreign direct investment FDI , trade credits and flows of remittances. All of these are likely to be affected negatively during the current crisis. Avoiding or limiting these outcomes, and facilitating recovery would require immediate and appropriate responses from developing country governments and the international development community.
International Monetary Fund (IMF) vs. the World Bank: What's the Difference?
But there is no one size fits all policy response. Some countries will suffer more, especially those dependent on trade with the United States, those with balance of payments difficulties and large fiscal deficits, and those with poorly regulated financial sectors. Countries with the latter constraint s may even experience their own financial crises in In essence, the crisis will expose countries with poor macroeconomic management and poor financial institutions. A number of countries have either already received short-term IMF assistance to alleviate balance of payments crises or signalled the possibility that they may need such support in the near future.
Generally though, countries should, where possible, consider a combination of short-term and long-term measures. In the latter regard, some countries may wish to engage in countercyclical fiscal and monetary policies to cushion the fall in external demand and reductions in credit.
Here it may be encouraging that countries such as China, South Korea and India are reported to have announced substantial fiscal stimulus packages. Various calls have also been made for official development assistance ODA to developing countries to remain at existing levels despite the crisis.
Following the recent Doha Declaration on Finance for Development, most developed countries recommitted themselves to maintaining, and even accelerating where possible, their aid commitments. Despite the possibility of reductions in ODA, I remain optimistic that such reductions may be avoided or minimized. This is because aid budgets are relatively small compared to the huge sums being spent on bailing out the US financial system and key industries throughout the developed world.
In addition, there is no more room for fiscal expansion in traditional donor countries, and 'new' donor countries such as China and India are rapidly emerging.