The Eurasian Fund for Stabilization and Development (EFSD) Project Unit participated in a thematic seminar of the International Monetary Fund for the staff of the Regional Financial Arrangements on the IMF toolkit in response to the pandemic
Moscow, June 9, 2020 - The staff of the Eurasian Fund for Stabilization and Development (EFSD) Project Unit, managed by the Eurasian Development Bank (EDB), participated in a seminar on the toolkit of the International Monetary Fund (IMF), through which the institute responds to the pandemic. The seminar is organized for the Regional Financing Arrangements (RFA) as part of further development of a comprehensive dialogue between the RFAs and the IMF.
The IMF elaborated on measures taken to assist shareholder countries in countering the pandemic and its consequences, on the available tools for emergency response and the relationship of emergency measures with the "traditional" IMF programmes, as well as on a new tool - a Short-Term Liquidity Line.
The RFAs actively discussed the specificities of IMF tools’ application and the possibilities for coordination. This exchange of information makes a positive contribution to improving the efficiency and cooperation of “crisis financial institutions” in order to support the economies and people of the shareholder states.
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) amounting to US$8.513 billion was formed on 9 June 2009 by the governments of the same six countries. The objectives of the EFSD are to assist its member countries in overcoming the consequences of the global financial crisis, ensure their economic and financial stability, and foster integration in the region. The EFSD member countries signed the Fund Management Agreement with Eurasian Development Bank giving it the role of the EFSD Resources Manager.
The EDB Media Centre:
Alexander Savelyev +7 (985) 765 23 59 (Moscow)
Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)
Sergey Gorbachev +7 (916) 727 22 00 (Moscow)