The IMF’s Resilience and Sustainability Trust (RST) helps low-income and vulnerable middle-income countries build resilience to external shocks and ensure sustainable growth, contributing to their longer-term balance of payments stability. It complements the IMF’s existing lending toolkit by providing longer-term, affordable financing to address longer-term challenges, including climate change and pandemic preparedness. In this podcast, IMF Managing Director Kristalina Georgieva discusses the RST with Prime Minister Mia Motley of Barbados, Rwanda’s President Paul Kagame, WTO Director-General Ngozi Okonjo-Iweala, and Makhtar Diop, Managing Director of the International Finance Corporation. The discussion is moderated by Rajiv Shah, President of the Rockefeller Foundation.
Watch the webcast at IMF.org
Most countries have infrastructure and governance structures that allow the private sector to take advantage of new technologies to innovate and improve payment and financial services. But at the international level, it’s a different story. Cross-border payments are as slow, expensive, and risky as ever. IMF Financial Counsellor, Tobias Adrian, and coauthors published some new research on creating a Multi-Currency Exchange and Contracting Platform that would effectively transform the cross-border payment system. In this podcast, Adrian says payments are the foundation for the entire monetary and financial system, and new technologies can help get global payments right.
Read the research at IMF.org
Innovation is often associated with developments in information and communication technologies, but for economists, innovation is also about developing new business models and new ways for governments to deliver public services like health and education. Michael Kremer is a professor of economics at the University of Chicago and the founder of the Development Innovation Lab. His work on poverty reduction with colleagues Esther Duflo and Abhijit Banerjee won them the Nobel Prize in economics in 2019. In the early 2000s, Kremer helped develop the design of Advance Market Commitment models used to incentivize the private sector to work on issues of relevance for the developing world. Michael Kremer was invited to deliver the IMF Richard Goode Lecture, an annual event to discuss policy issues and debates. In his talk, Kremer says commercial incentives for innovation are not always aligned with social needs, which results in underinvestment in some types of innovation and creates a role for public investment.
We often think about the economy as being driven by how productive we are on the job, but the pandemic made it clear that our personal lives and our work lives are in fact deeply linked. Betsey Stevenson is a labor economist who studies how families are shaped by their economic situations and the decisions that policymakers make. Stevenson is a professor at the University of Michigan and a former economic advisor to the Obama administration. Journalist Rhoda Metcalfe spoke with Betsey Stevenson about her research into the powerful connections between our work and home life for the IMF series on extraordinary Women in Economics.