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 Statement of the Fourth High-Level RFA Dialogue (October, 2019)

Joint Statement of the Fifth High-Level RFA Dialogue (October, 2020)

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)

The second joint RFA research seminar in Colombia (May, 2018)

Third Joint Regional Financing Arrangements Research Seminar Discusses Sovereign Risk (May, 2019)

Fourth Joint Regional Financing Arrangements Research Seminar discusses financial sector post-COVID-19 (December, 2020)

Fifth Joint RFAs Research Seminar discusses fiscal burdens and post-pandemic recovery (September, 2021)

Joint RFAs publications:

1. A Joint RFA Staff Paper (2018)

2. Regional Responses to the Covid-19 Crisis: A Comparative Study from Economic, Policy, and Institutional Perspectives (2021)

GFSN related publications:

1. EFSD Working Paper WP/19/1 «The Eurasian Fund for Stabilization and Development: A Regional Financing Arrangement and Its Place in the Global Financial Safety Net»

2. EFSD Working paper WP/20/2 «Global Financial Safety Net in Eurasia: Accessibility of Macroeconomic Stabilization Financing in Armenia, Belarus, Kyrgyzstan, and Tajikistan»

3. EFSD Working paper WP/21/1 “Evolution of Tools and Approaches within the Enlarged Global Financial Safety Net in Response to the COVID-19 Crisis”

4. Vinokurov E., Levenkov A. (2021) The Enlarged Global Financial Safety Net. Global Policy, January.