Commits policy support, saying efforts must have “Ambition of Marshall Plan, vision of New Deal” 21/03/2020 - OECD Secretary-General Angel Gurría called today for sweeping joint action by governments to defeat the health, economic, and social threats of the coronavirus (Covid-19) pandemic.  In calling on governments to better coordinate their efforts, Gurría announced that the OECD would channel its efforts into immediate support to policymakers combating the crisis, launching a new online policy hub immediately. “The coronavirus pandemic is a public health...

The European Parliament is mobilising additional funds to help the EU countries hardest hit by the coronavirus pandemic. In an extraordinary plenary session on Thursday 26 March, MEPs will vote on a European Commission proposal to allow member states to request financial assistance from the EU Solidarity Fund in their fight against Covid-19. The proposal is part of a set of EU measures to mobilise all existing budget resources to help EU countries tackle the pandemic. The Commission proposes to broaden the Solidarity Fund’s scope...

Last Updated: March 19, 2020 As announced by Managing Director Kristalina Georgieva on March 4, 2020, The IMF stands ready to support vulnerable countries with different lending facilities, including through rapid-disbursing emergency financing, which could amount up to $50 billion for low-income and emerging markets. Of this, $10 billion is available at zero interest for the poorest members through the Rapid Credit Facility. What lending instruments does the IMF have to provide emergency financing to address coronavirus? The IMF has two facilities—the Rapid Credit...

The European Commission has adopted a Temporary Framework to enable Member States to use the full flexibility foreseen under State aid rules to support the economy in the context of the COVID-19 outbreak. Together with many other support measures that can be used by Member States under the existing State aid rules, the Temporary Framework enables Member States to ensure that sufficient liquidity remains available to businesses of all types and to preserve the continuity of economic activity during and...

Please see below a a press release from the European Central Bank (ECB): • ECB and other major central banks to offer 7-day US dollar operations on a daily basis • Operations with 84-day maturity continue to be offered weekly • New frequency effective as of 23 March 2020, to remain in place for as long as appropriate to support smooth functioning of US dollar funding markets The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank,...

Please see below an overview of the European Investment Bank (EIB) Group's response to the COVID-19 outbreak.  EIB Group: Coronavirus crisis response Compliments of the EIB.