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## Eighth High-level Regional Financing Arrangements (RFAs) Dialogue Held in Marrakech, Morocco

On 10 October 2023, the eighth High-level Regional Financing Arrangements (RFAs) Dialogue took place in Marrakech, Morocco. This important gathering aimed to discuss how crisis fighters can contribute to macroeconomic and financial stability in a world that is more prone to shocks. The dialogue also focused on the collaboration between the International Monetary Fund (IMF) and the RFAs in this regard.

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## Solidarity with Morocco after Devastating Earthquake

During the dialogue, participants expressed their solidarity with the Moroccan authorities and people following the devastating earthquake that occurred on 8 September. They extended their deepest sympathies to all those affected by this tragic event.

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## Global Economy’s Resilience and Slow Recovery

The representatives of the IMF staff and the heads of RFAs (including the Arab Monetary Fund, ASEAN+3 Macroeconomic Research Office, BRICS Contingent Reserve Arrangement, Eurasian Fund for Stabilization and Development, European Commission, European Stability Mechanism, and Latin American Reserve Fund) discussed economic developments at both global and regional levels. They acknowledged that the global economy has shown resilience despite recent shocks and crises, but the recovery is slow, uneven, and fragile. Emphasizing the importance of policies that promote growth, financial stability, and price stability, they emphasized the need to stay the course with such policies.

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## RFAs’ Roles in an Uncertain World

The RFAs discussed their roles in an increasingly uncertain world, where new challenges arise from factors like climate disasters, the digital economy’s rapid transition, and demographic changes. They emphasized the need for their institutions to adapt to this changing economic and financial landscape. The discussions included exploring ways to enhance their institutions’ capabilities against shocks, such as adjusting lending toolkits, upgrading economic monitoring capabilities, and expanding capacity development initiatives.

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## IMF’s Policy Priorities and Review of Precautionary Instruments

The IMF staff presented its assessment of the global economic outlook and the policy priorities for preserving macroeconomic stability and promoting sustainable and inclusive growth. They highlighted the importance of cooperation and joint solutions among IMF members. The staff also provided updates on the review of precautionary and signaling instruments, focusing on the Flexible Credit Line, Short-term Liquidity Line, and the Precautionary and Liquidity Line.

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## Importance of Multilateral Collaboration

Given the era of rising geoeconomic fragmentation, the heads of RFAs emphasized the vital role of multilateral collaboration. They welcomed the publication of a study on RFAs’ role in mitigating global warming and dealing with the consequences of climate change. Additionally, they appreciated the updates from the G20 International Financial Architecture Working Group on its work and priorities, especially in strengthening the Global Financial Safety Net.

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## Future Events

The eighth joint RFA Research Seminar is scheduled to take place in Luxembourg in the first half of 2024. Additionally, the ninth High-level RFA Dialogue will be convened during the next IMF/World Bank Annual Meetings in October 2024.

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