The ninth High-level Regional Financing Arrangements (RFAs) Dialogue took place on October 23, 2024, in Washington, DC. The meeting occurred amid a global economic outlook that is improving yet remains fragile due to a complex geoeconomic environment and policy uncertainty. Recent volatility in global financial markets highlighted the necessity of a robust Global Financial Safety Net, which includes collaboration between the International Monetary Fund (IMF) and RFAs.
Representatives from the IMF and various RFAs provided updates on institutional activities since their last meeting in Marrakech in October 2023. These updates covered policy enhancements, capacity development, and analytical advancements. The discussions underscored the ongoing efforts by RFAs to prepare for an uncertain economic landscape influenced by geoeconomic fragmentation, climate change risks, and transformations driven by artificial intelligence and digital progress.
The IMF is continuing its adaptation process to support its global membership effectively. This includes reforms to its lending toolkit aimed at benefiting its members while maintaining a strong financial position. Notably, recent reviews have reduced charges on regular IMF lending and secured concessional lending capacity for low-income countries. Additionally, the IMF discussed how it is implementing its Climate Strategy across operations.
Joaquim Levy and Siddharth Tiwari participated in the dialogue as members of the Bretton Woods Committee Multilateral Reform Working Group. They contributed to discussions about empowering multilateralism amidst geoeconomic fragmentation. The role of RFAs in advancing global solutions was explored during these talks.
Participants welcomed an update from the French co-chair of the G20 International Financial Architecture Working Group regarding priorities for enhancing global financial architecture effectiveness.
Recognizing strains on international cooperation systems, both the IMF and RFAs reiterated their commitment to open dialogue for sharing crisis experiences and supporting multilateralism.
Looking ahead, Colombia will host the ninth Joint RFA Research Seminar in early 2025. The tenth High-level RFA Dialogue is scheduled alongside next year's IMF/World Bank Annual Meetings in October 2025.