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The economic outlook has changed significantly in the last few months. The effects caused by the spreading of COVID-19 and the mitigation measures implemented to contain it had substantial impacts in the functioning of the economy, financial firms and the financial and non-financial infrastructure in Latin America and The Caribbean.
The financial sector plays a major role in navigating the Covid-19 crisis, not only as a contributor to countries’ gross domestic product, but also as an enabler of economic activity.
The Association of Supervisors of Banks of the Americas (ASBA), IDB Lab and the Governance and Financial Inclusion (GIF) project, in collaboration with Oliver Wyman, worked on three reports to identify lines of actions and measures that could limit the impact of COVID-19 on the wider economy.
01 Safeguarding critical functions of the financial system
Identifies financial and banking services that are critical for the functioning of the economy and financial stability and then puts forward action plans to increase the resilience and preparedness of the financial system.
02 Building up immunity of the financial system
Outlines policy actions to address rising credit risk and preserve financial stability, considering the particularities of the COVID-19 crisis and introduces recommendations to deal with an overleveraged economy.
03 Unlocking financial inclusion
Analyses a selection of medium-term recommendations based on conversations with relevant stakeholders, both the public and private sector across the region and outlines policy options and provides case studies for each recommendation to illustrate best practices and shortfalls.
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