IMF COVID-19 Response—A New Short-Term Liquidity Line to Enhance The Adequacy Of The Global Financial Safety Net

This paper proposes the establishment of a new Short-term Liquidity Line as a special facility in the General Resources Account.

Volume/Issue: Volume 2020 Issue 025

Publication date: April 2020

ISBN: 9781513541709

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Topics covered in this book

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Exports and Imports , Finance , Money and Monetary Policy , Public Finance , PP , SLL arrangement , SLL usage , liquidity pressure , liquidity position , liquidity shortage , Liquidity , Balance of payments need , Communications in revenue administration , Credit , Financial Sector Assessment Program , Global

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Summary

The COVID-19 pandemic has created severe disruption in the global financial system, with many emerging market and developing countries (EMDCs) facing liquidity shortages. In the context of intensified demand for liquidity and heightened global uncertainty, staff has revisited the 2017 proposal for a new facility to provide liquidity support to the Fund’s membership. This paper proposes the establishment of a new Short-term Liquidity Line (SLL) as a special facility in the General Resources Account (GRA), based on the key features of the 2017 blueprint.