2024-04-17 05:33:45
The International Monetary Fund (IMF) provides detailed advice to countries in the Caucasus and Central Asia on how to resolve financial problems.
As Day.Az reports, Tobias Adrian, financial advisor and director of the IMF’s Monetary Systems and Capital Markets Department, said this today, answering Trend’s question during a briefing on the global financial stability report at the IMF Spring Meetings in Washington.
“The first major focus here is financial sector policy. We regularly conduct financial sector assessments in countries, including in the region, where we assess the financial stability of the country, the degree of supervision of the financial sector, and the types of emergency measures that countries could take in case of shocks, this refers to deposit insurance and emergency lending,” he said.
Adrian noted that the IMF provides very detailed assessments of financial sector policies.
“We have a number of recommendations, and following those recommendations is our number one priority for the country’s authorities. In terms of monetary policy and macroeconomic fundamentals, of course, some countries in this region have more fixed exchange rates, others have an inflation target.” , he added.
Adrian noted that the approach varies depending on the current exchange rate regime.
“Some countries choose fixed exchange rates, while others use inflation targeting or currency pegs. For those who practice inflation targeting or similar mechanisms, using the exchange rate as a buffer to absorb sudden shocks becomes critical. In addition, we provide detailed recommendations to the authorities of these countries to effectively solve these problems,” he added.
It should be noted that on April 15, the Spring Meetings of the International Monetary Fund and the World Bank Group started in Washington.
Major ministerial meetings and events will be held April 17-19, and other meetings will be held April 15-20.
Key events include meetings of the Development Committee and the International Monetary and Financial Committee of the IMF, which discuss the progress of the work of the World Bank Group and the IMF.
The Spring Meetings bring together central bankers, finance and development ministers, parliamentarians, private sector representatives, civil society organizations and academics to discuss issues of global concern, including the global economy, poverty eradication, and economic development.
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