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

29 June 2020

This working paper takes into account six sources of financing - international reserves, swap arrangements, EFSD, IMF, multilateral development banks and bilateral financial support for macrostabilization. The analysis is of particular importance in the context of the current crisis associated with the COVID-19 pandemic. The funds disbursed from all the sources in 2009–2019 totalled at least $16 bln.

The working paper estimates the availability of stabilization financing for Armenia, Belarus, the Kyrgyz Republic, and Tajikistan based on three approaches.