The EFSD Project Block takes part in the Third Joint Regional Financing Arrangements Research Seminar
Luxembourg, 16-17 May 2019. A delegation from the Project Block of the Eurasian Fund for Stabilization and Development (EFSD) managed by the Eurasian Development Bank (EDB) took part in the Third Joint Regional Financing Arrangements (RFAs) Research Seminar.
The seminar is an annual event that brings together heads and prominent experts from regional “anti-crisis funds,” including the European Stability Mechanism (ESM), AMRO (the macroeconomic surveillance arm of the Chiang Mai Initiative Multilateralisation), the Latin American Reserve Fund (FLAR), the Arab Monetary Fund (AMF), the Eurasian Fund for Stabilization and Development, and the International Monetary Fund (IMF). The participants also include scholars and representatives of the European Central Bank, the European Commission, and other international financial institutions and organisations. The key objective of the seminars is to promote discussions and share experience in preventing and tackling financial and economic crises in countries, regions, and the global economy as a whole.
In 2019, the seminar discussed how to analyse, detect and prevent financial risks. The participants from academia and international financial institutions shared their vision of key financial and macroeconomic risks. The IMF, ECB and AMRO told about the models and indicators used to detect sovereign financial risks. RFA experts discussed the degree of readiness of their institutions and the Global Financial Safety Net for possible financial and economic shocks.
EFSD Chief Economist Evgeny Vinokurov made a presentation about the Fund’s operations and its role in the Global Financial Safety Net.
In addition, RFAs and the IMF had a closed meeting on 17 May to discuss joint research and other areas of cooperation and to prepare for the RFA High-Level Dialogue that will convene in Washington in October 2019.
For additional information about cooperation among RFAs, please refer to the Joint RFA Staff Paper.
In the sidelines of the seminar, the EFSD delegation headed by Executive Director Andrey Shirokov met with the ESM delegation headed by Managing Director Klaus Regling to discuss possible cooperation. Andrey Shirokov also had a meeting with José Darío Uribe Escobar, Chief Executive Officer at FLAR.
The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.
The Eurasian Fund for Stabilization and Development (EFSD) is a regional financial mechanism totalling US $8.513 billion, established on 9 June 2009 by the governments of the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan. The Eurasian Development Bank manages the EFSD's resources. The EFSD Project Block prepares and implements the Fund’s projects.
The Fund aims to assist its member states in ensuring economic and financial stability and support integration in the region. It is also part of the Global Financial Safety Net.