RFAs publications and research seminars
Regional financing arrangements (RFAs) are broadly defined as financing mechanisms by which a group of countries in a region pledges financial support to members that are experiencing, or might experience, a liquidity shortage or balance of payments difficulties.
Along with the EFSD, other major RFAs are:
- Arab Monetary Fund (AMF),
- European Stability Mechanism (ESM),
- the Latin American Reserve Fund (FLAR),
- EU Balance of Payments Facility (EU BoP),
- BRICS Contingent Reserve Arrangement (BRICS CRA),
- Chiang Mai Initiative Multilateralization (CMIM),
- South Asian Association for Regional Cooperation (SAARC).
RFAs are part of the Global Financial Safety Net and act as a regional layer of defense (figure).
Figure. Elements and layers of Global Financial Safety Net
Collaboration between RFAs and IMF:
The first high-level RFA dialogue during IMF-WB Annual meetings (October, 2016)
The second high-level RFA dialogue during IMF-WB Annual meetings (October, 2017)
The third high-level RFA dialogue during IMF-WB Annual meetings (October, 2018)
Joint IMF-RFAs Press Release on the 6th High-Level RFA Dialogue (October, 2021)
Since 2017, RFAs held annual research seminars:
The first joint RFA research seminar in Singapore (September, 2017)
Joint RFAs publications:
1. A Joint RFA Staff Paper (2018)
GFSN related publications: