The Asia-Pacific region was the first to be hit by the COVID-19 pandemic; it put a strain on its people and economies, and policymaking became exceptionally difficult. This departmental paper contains the assessment of the key challenges facing Asia at this critical juncture and policy advice to the region both to address the current challenges and to build the foundations for a more sustainable and inclusive future. The paper focuses on (1) adjusting to the COVID-19 shock, (2) using unconventional policies when policy space is limited, (3) dealing with debt, and (4) helping the vulnerable and greening the recovery. The paper first presents the different ways countries are adjusting to the COVID-19 shock.
International Monetary Fund. External Relations Dept.
IMF Managing Director Michel Camdessus recently spoke with the editors of the IMF Survey about events over the past 13 years, as well as about future developments in the international monetary system and the evolution of the IMF. The interview will be published in two parts—the first, which follows, focuses on developments since 1987. The second part, which looks to the future, will be published in the next issue of the IMF Survey, dated January 10, 2000.