On October 14, 2025, the International Monetary Fund (IMF) and Regional Financing Arrangements (RFAs) held their 10th Annual High-Level Dialogue in Washington, D.C. This event marked a decade of increased cooperation between the IMF and RFAs, which together form key parts of the Global Financial Safety Net (GFSN).
The dialogue began in 2016 and has taken place against a backdrop of significant changes in the global economy. Policymakers are now facing broad shifts, ongoing uncertainty, and pressures from new technologies, demographic changes, and climate-related transitions. These factors have led to limited policy options and weaker growth prospects for many countries, making a robust GFSN more important.
Participants included representatives from the IMF, the G20’s International Financial Architecture Working Group, and several RFAs such as the Arab Monetary Fund, ASEAN+3 Macroeconomic Research Office (which manages the Chiang Mai Initiative Multilateralisation), BRICS Contingent Reserve Arrangement, Eurasian Fund for Stabilization and Development, European Commission, European Stability Mechanism, and Latin American Reserve Fund. The group discussed how greater cooperation could help strengthen financial resilience and assist member economies during future crises.
Kristalina Georgieva, Managing Director of the IMF, opened the event by saying: “The institutions’ shared responsibility to help safeguard the economic stability of member countries, promote crisis prevention, and provide a more effective shield against crises.” She highlighted that close cooperation between the IMF and RFAs is essential to protect economic stability.
Pablo Hernández de Cos, General Manager of the Bank for International Settlements, delivered a keynote address focusing on international reserves and central bank currency swap lines. The IMF also presented its latest assessment of the GFSN, reviewing its effectiveness and suggesting improvements.
According to participants, this ongoing dialogue demonstrates a continued commitment to multilateral approaches in maintaining financial stability. The institutions emphasized their dedication to working together to meet emerging challenges.
Looking ahead, the 10th Joint RFA Research Seminar will take place in Abu Dhabi in early 2026. The 11th High-Level RFA Dialogue is scheduled for October 2026 in Bangkok alongside the next IMF/World Bank Annual Meetings.