COVID-19 pandemic has caused heavy blows to the global economy and financial stability. There is an urgent need to further strengthen global financial safety nets, with a view to alleviating the insufficient international liquidity caused by the pressure from balance of payments and financial market turbulences in many countries (especially emerging markets and developing countries). After the outbreak of the pandemic, the IMF has provided large sums of financial support through existing and new lending facilities and debt relief to its member states. The RFAs have also vigorously assisted their member states affected by the shock of the pandemic. This brief policy review begins with evaluation of some of the policy responses from the IMF and RFAs during the pandemic. On this basis, it provides suggestions for further cooperation between the IMF and RFAs from the Asian perspective.

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