APEC:FINAL 2021 ECONOMIC LEADERS DECLARATION

 

APEC summit

 

APEC summit

Vladimir Putin took part, via videoconference, in the Asia-Pacific Economic Cooperation (APEC) summit.

November 12, 2021

16:40

The Kremlin, Moscow

The agenda of the summit, chaired by New Zealand, contains items on post-pandemic economic recovery of the region’s countries and APEC’s key areas of work to 2040.

Following the summit, the participants adopted a Final 2021 APEC Economic Leaders’ Declaration and the Aotearoa Plan of Action.

* * *

President of Russia Vladimir Putin: Madam Chairperson, colleagues,

Like the other speakers, first I would like to thank our partners from New Zealand, the current chair of the APEC forum, for the work they carried out this year in the difficult conditions of the pandemic.

In particular, the idea to hold an extraordinary APEC summit in July to discuss the fight against the coronavirus was timely and useful.

Logically, our current discussion is focused on issues of socioeconomic recovery and overcoming the pandemic with a view to ensuring sustainable and long-term growth in the Asia-Pacific.

As International Monetary Fund Managing Director Kristalina Georgieva noted, there are still many problems, however the global economy is gradually emerging from the crisis. Indeed, recent forecasts show that by the end of this year the world GDP will have increased by 5.9 percent. Moreover, this figure will be even higher for the APEC economies – an average of 6.4 percent.

As for Russia, we have already returned to pre-pandemic levels in terms of GDP growth, and in our estimate, it will be up 4.7 percent in 2021. Of course, this is not the highest figure in the region, but it is not the lowest, either. It is a good figure for our economy.

At the same time, many socioeconomic and other problems, which you, colleagues, have already spoken about, persist in the Asia-Pacific and in the world. The coronavirus itself is far from being defeated yet. New, even more dangerous strains of this virus may still appear. So, it is no exaggeration to say that it is vitally important not to slacken our efforts in countering the pandemic and doing everything necessary to strengthen healthcare systems in our countries and improve their resource and technological basis. Naturally, a substantial build-up of international cooperation in the medical and pharmaceutical areas would facilitate the solution to these ambitious goals.

The role of the World Health Organisation (WHO) is becoming increasingly important in this context. Its activities certainly deserve all-round support. It is unacceptable to take actions that can encroach on the prerogatives of the WHO, which operates under the aegis of the United Nations.

With our common support, the WHO can conduct large-scale immunisation with greater intensity because, unfortunately, as some speakers have also noted here, many countries that need vaccines have no access to them.

This is happening for several reasons, including unfair competition, protectionism, and some counties’ lack of willingness to mutually recognise vaccines and vaccine certificates. The WHO could expedite the procedures for pre-qualification of new vaccines and medications, that is, an assessment of their quality, safety and efficiency.

At the recent G20 summit, Russia suggested to its partners studying the issue of the mutual recognition of national vaccines and certificates as soon as possible. I am confident that the sooner this is done the easier it will be to fully restore global business, tourism and other activities.

I would like to emphasise that our country continues helping all countries who need it with supplies of vaccines, medications, equipment, test systems and individual protection gear.

Russia, as is well known, was the first in the world to register an anti-COVID-19 vaccine, Sputnik V. As of today, it has been approved in 71 countries with a total population of over four billion people. It has demonstrated its high safety and high efficacy.

Apart from the Sputnik V two-component vaccine, Russia developed and is using a one-component vaccine, Sputnik Light, which can be used, among other things, to boost the effectiveness of other vaccines. We also offer it to our partners.

Colleagues,

The pandemic has revealed that it is of paramount importance for all nations to have free and non-discriminatory access to vitally important goods, services, resources and technology.

Russia opposes protectionism in the global economy and trade and advocates an end to the use of unilateral and politically motivated restrictions for the sake of fighting for markets and removing competitors. We firmly believe that maintaining and enhancing the multilateral trade system, with the World Trade Organisation at its core, is in the interests of the entire international community.

In late November, Geneva will host the 12^th WTO Ministerial Conference, with representatives from all of our economies taking part. I would suggest guiding them towards working out compromise agreements in trade which will contribute to the expansion of reciprocal economic and technological exchanges. Russia is ready to make its contribution to this work.

Our country is also keen on the closest cooperation with APEC economies on digitalisation. Digital technologies are a good foundation in resolving the comprehensive task of enhancing connectivity in the Asia-Pacific, and in developing infrastructure, and transport and logistical corridors.

We consider that priority areas of cooperation among the APEC members on the digital track include the exchange of advanced experience in introducing digital technologies to traditional economic sectors, training relevant personnel, perfecting the regulatory framework of the information sphere, developing communication systems and communication lines, and the use of AI.

To be continued.

THE WHITE HOUSE's latest news

Readout of President Joe Biden’s Participation in the APEC Virtual Leaders’ Meeting
NOVEMBER 12, 2021


Today President Joseph R. Biden Jr. participated in the Asia-Pacific Economic Cooperation (APEC) Virtual Leaders’ Meeting hosted by Prime Minister Jacinda Ardern of New Zealand. Leaders endorsed the Aotearoa Plan of Action for an economic agenda that delivers for our workers, families, and businesses. During the meeting, President Biden underscored his commitment to strengthening our relationship with APEC economies in order to advance fair and open trade and investment, bolster American competitiveness, and ensure a free and open Indo-Pacific. The Leaders discussed ongoing efforts to address the COVID-19 pandemic and support the global economic recovery. The President noted that the United States has donated and shipped more than 220 million vaccine doses so far, including 64 million to APEC economies, and pledged that we will continue to share doses, invest in manufacturing abroad, and work with APEC economies to build global health security.

President Biden reaffirmed our interest in serving as a strong, reliable partner to APEC economies as we pursue sustained and inclusive growth. The President discussed ways to unleash the economic power of the region and to deepen U.S. economic engagement throughout the Indo-Pacific. He articulated how we can work together to establish a common way forward for digital technologies in order to promote an open, interoperable, reliable, and secure Internet, invest in robust cybersecurity, and develop digital economy standards that will position all of our economies for the future. He spoke about how the climate crisis is also an enormous opportunity to create good jobs and that we must work together to move towards a sustainable future.

The meeting builds on President Biden’s ongoing engagements in the Indo-Pacific region, including the July APEC meeting, the October US-ASEAN and East Asia Summits, and other Leader-level engagements. At the East Asia Summit, President Biden announced that the United States will explore with partners the development of an Indo-Pacific economic framework that will define our shared objectives around trade facilitation, standards for the digital economy and technology, supply chain resiliency, decarbonization and clean energy, infrastructure, worker standards, and other areas of shared interest.

Remarks by President Biden at the National Veterans Day Observance
NOVEMBER 11, 2021


Arlington National Cemetery
Arlington, Virginia

11:57 A.M. EST

THE PRESIDENT: Thank you. Thank you, thank you. Thank you, Mr. Secretary.

Folks, being President of the United States, you are afforded many opportunities to try to express your love, commitment, and admiration for the American people. And I must say to you that the single greatest honor I’ve been afforded as President is to stand before so many of you, those Medal of Honor winners out there, and talk about Veterans Day and veterans.

I want to welcome all the Cabinet members and honored guests joining us today, including the father of our Secretary of State, who served in the Army Air Corps during World War Two, Ambassador Donald Blinken, whose birthday is today. Happy Birthday. (Applause.) Thank you for your service to our country.

And I just want to tell you, I know you’re a little younger than I am, but, you know, I’ve adopted the attitude of the great Negro — at the time, pitcher in the Negro Leagues — went on to become a great pitcher in the pros — in the Major League Baseball after Jackie Robinson. His name was Satchel Paige.

And Satchel Paige, on his 47th birthday, pitched a win against Chicago. (Laughs.) And all the press went in and said, “Satch, it’s amazing — 47 years old. No one’s ever, ever pitched a win at age 47. How do you feel about being 47?” He said, “Boys, that’s not how I look at it.” They said, “How do you look at it, Satch?” He said, “I look at it this way: How old would you be if you didn’t know how old you were?”

I’m 50 years old and the ambassador is 47.

But all kidding aside, Mr. Ambassador, thank you for your service during World War Two, as well as your service as an ambassador. And thank you for raising such a fine man, Tony Blinken, our Secretary of State.

To all our veterans, past and present, we thank you, we honor you, and we remember always what you’ve done for us.

I’d like to recognize one of our national heroes who is here today: Medal of Honor recipient, Mr. Brian Thacker. During the Vietnam War, then-First Lieutenant Thacker put the safety of his fellow troops above his own, providing cover fire against an attacking enemy, and even calling in artillery fire on his own position so our forces had a better chance to withdraw.

Wounded, unable to leave the area, he evaded capture for eight days until finally federal — friendly forces retook the position. Yours is a remarkable story; it will never be forgotten.

And we’ll also never forget the stories of American leaders and icons we’ve lost recently who shaped our nation in ways that are hard to measure.

I’ve lost, like many of you, three good friends in the last month:

General Colin Powell, a child of immigrants, who grew up to be the joint — Chairman of the Joint Chiefs of Staff, the Secretary of State. A man who was a friend but who earned the universal respect of the Americans and people for his leadership in uniform and out.

And a guy who became good friends in many times I was in and out of Iraq as a Vice President and a senator — General Ray Odierno, who I met multiple times in Iraq, and who did so much to help get us to where we are today and who always put the troops and its veterans first. It was an honor to have my son, Major Biden, serve under his command at the time.

And my friend and colleague — who was mentioned already — the United States Senator, Max Cleland, who, as a triple amputee, knew the cost of war as well as anyone could ever know it and went on to champion the dignity and care of America’s wounded veterans throughout his life.

We lost all three of these incredible veterans in the last several weeks, and our hearts go out to their families.

These are stories that inspire generation after generation of Americans to step forward to defend our nation.

And, today, we pay homage to the unrelenting bravery and dedication that distinguish all those who have earned the title of “American veteran.”

It’s an honor that not only a small percentage of Americans can claim, and one that marks those who are able to claim it as brothers and sisters. It’s a badge of courage that unites across all ages, regardless of background — because to be a veteran is to have endured and survived challenges most Americans will never know.

You’ve come through the trials and testing, braved dangers and deprivations, faced down the tragic realities of war and death.

And you’ve done it for us. You’ve done it for America — to defend and serve American values, to protect our country and our Constitution against all enemies, and to lay a stronger, more secure foundation on which future generations can continue to build a more perfect union.

Each of our veterans is a link in a proud chain of patriots that has stood in the defense of our country from Bunker Hill to Belleau Woods, Gettysburg to Iwo Jima, the Chosin Reservoir to the Kunar Valley.

Each — each understood the price of freedom, and each shouldered that burden on our behalf.

Our veterans represent the best of America. You are the very spine of America, not just the backbone. You’re the spine of this country. And all of us — all of us — owe you.

And so, on Veterans Day and every day, we honor that great debt and recommit ourselves to keeping our sacred obligation as a nation to honor what you’ve done.

We have many obligations to our children, to our elderly, to those truly in need. But I’ve gotten in trouble way back when I was a young senator for saying we only have one truly sacred obligation. We have many obligations but one truly sacred obligation: to properly prepare those and equip those who we send into harm’s way and care for them and their families while they’re both deployed and when they return home. This is a lifetime sacred commitment. It never expires.

And for me and for Jill and for the entire Biden family: It’s personal.

When Beau was deployed to Iraq, after spending six months in Kosovo as an Assistant U.S. Attorney trying to help — he was trying to set up a criminal justice system, I got a call from him one day. He said, “Dad, what are you doing Friday?” And I said, “What do you need, hon? I’m — what do you need?” He said, “I’d like you to pin my bars on.” I said, “What in the heck have you done?” He said, “Someone’s got to finish these wars, dad.” True story.

Jill and I learned what it meant to pray every day for the safe return of someone you love. So many of you have done that.

Our grandkids learned what it meant to have their dad overseas in a warzone instead of back at home, for a year, tucking them into bed and reading that story every night. Thousands of Americans — tens of thousands have had that experience.

As the English poet John Milton wrote, “They also serve who only stand and wait.”

So, to all the mothers and fathers, sons and daughters, spouses — all those who stand alongside our veterans — and their families, caregivers, survivors: You are the solid steel spine that bears up under every burden, the courageous heart that rises to every challenge.

We’ve asked so much of you for so long, and our nation is grateful.

For two decades, the lives of our service members and their families and veterans have been shaped by the conflicts in Iraq and Afghanistan.

Since 9/11, hundreds of thousands of Americans have served. So many are still serving today in harm’s way, and we cannot forget them.

The American people are forever grateful and in awe of what you’ve accomplished.

But in fulfilling their mission, so many veterans and their families and caregivers have been through hell. Some facing deployments after deployment, spending months and years away from their families, missing birthdays, the anniversaries, and collections [celebrations].

I remember one of the last times I flew into Iraq, in the so-called “Silver Bullet.” I remember walking up to the cockpit. And the crewmasters along with the pilots were up there, and I said, “How many of you is this your first tour?” No one raised their hand. There were five people. “Second tour?” No one raised their hand. “Third tour?” Two raised their hand. “Fourth tour?” Two raised their hand. “Fifth?” One raised their hand.

Folks, on Veterans Day we have to always remember that there’s nothing low-risk or low-cost about war for the women and men who fight it.

I carry with me, in my pocket, every single day — I have my staff check with the Defense Department — on the back of my schedule I have U.S. daily troops in Afghanistan, killed and wounded; U.S. daily troops in Iraq, killed and wounded.

52,323 [53,323] — not “roughly 53,000” — every one of these individuals has a family, has a unit at home. 53,323 American servicemen and women wounded in the conflicts of Iraq and Afghanistan; 7,074 gave their lives — the last full measure of their devotion.

Untold thousands more returned home — as our Secretary can tell you — with unseen psychological wounds of war, the enduring grief borne by our Gold Star families.

These are the costs of war that they’ll carry — we’ll carry as a nation for decades to come.

And to all veterans, service members, their families, caregivers, survivors: I want you to know that our administration is going to meet the sacred obligation that we owe you.

We’re going to work with Congress — Republicans and Democrats together — to make sure our veterans receive the world-class benefits that they’ve earned, and meet the sacred — the specific care — specific needs that they each individually need.

That means expanding presumptive conditions for toxic exposure and particulate matter, including Agent Orange and burn pits.

We’re going to keep pushing on this front to be more nimble and responsive. We’re reviewing all the data and evidence to determine additional presumptive conditions that make sure our veterans don’t have to wait to get the care they need.

It also means prioritizing mental health care that is necessary to treat the invisible wounds that so many of our veterans carry, including pursuing our newly released comprehensive public health strategy to reduce military and veteran suicides.

I want to say clearly to all our veterans: If you’re struggling — you’re so used to never asking for anything. If you’re struggling, reach out. Call the Veterans Crisis Line.

If you’re having trouble thinking about things, it’s no different than if you had a wound in your arm.

And mak- — it’s also making sure that the growing population of women and LGBTQ+ veterans receive appropriate services and support.

And as we continue our efforts to defeat the pandemic and build back better, it means keeping the needs of veterans front and center.

The American Rescue Plan included $17 billion to support VA’s COVID-19 response, to get vaccination — vaccine shots in arms as fast as possible, and to fund programs that provide rapid retraining assistance for veterans who may have lost their jobs in the pandemic, housing assistance, debt forgiveness, and to invest in improving VA facilities and the living conditions of vulnerable veterans.

Through Jill’s work of Joining Forces, we’re also working to support our veterans and military families, survivors, and caregivers so they can have what they need to thrive. They deserve it.

As Secretary McDonough noted, this Veterans Day also marks the centennial of one of our most hallowed American monuments:

the Tomb of the Unknowns.

A hundred years ago today, an American soldier of the first World War — as the tomb says, “known but to God,” end of quote — completed the voyage from an unidentified battlefield in France, over the rough Atlantic seas, here to Arlington National Cemetery.

He lay in state under the Capitol Rotunda for two days on the same plinth that held the body of Lincoln, as 90,000 Americans came to pay respects.

On the final leg of his journey, he was escorted from the Capitol by the President of the United States, the Chief Justice of the Supreme Court, members of Congress, General Pershing, and the Chiefs of Staff — Medal of Honor recipients all walking, as the Washington Post said, processing “without parallel” to give honor due to American service mem- — American service members — not just the anonymous soul today entombed in gleaming marble, but the generations of Americans who dared all, risked all, gave all for the cause of freedom.

To commemorate, in the wounds of the member — in the words of a member of Congress who proposed the legislation creating the memorial, an American warrior who, quote — and this is the quote — who “typifies…the soul of America.” You veterans are the soul of America. America’s soul.

It’s why our veterans have always fought, always been willing to put themselves on the line. That the first unknown lies now with his brethren — unnamed warriors from later wars.

Fellow patriots who picked up the mantle of honor and made it their burden.

And today, 100 years later, we keep a sacred watch over their graves. Generations of elite sentinels have taken the post, pledging their “eternal vigilance.”

We lay wreaths. We renew our oaths. We stand in solemn awe of such fidelity. Because for us to keep faith with American veterans, we must never forget exactly what was given to us, what each of them was willing to put on the line for us.

And we must never forget that it is the mighty arm of the American warrior — never bending, never breaking, never yielding — generation after generation that secured for us the blessings of a nation that still stands today as the beacon of

liberty, democracy, and justice around the world.

May God bless you all. God bless all American veterans and those who proudly earned that title. And may God protect our troops.

Thank you. (Applause.)

12:15 P.M. EST

IMF:India’s Economy to Rebound as Pandemic Prompts Reforms

 

India India’s Economy to Rebound as Pandemic Prompts Reforms An auto rickshaw at sunset in Mumbai, the financial capital. India’s economy is rebounding from a sharp contraction last year. (photo: unsplash) India’s economy is poised for a rebound after enduring a second wave of COVID-19 infections this year that further constrained activity and took a heavy toll on its people. “What happens in India has a big impact, both in the region and in the world,” Luis Breuer, IMF’s senior resident representative to India, said in a recent IMF podcast. “You're talking about a large slice of humanity and the global economy.” (click on the image below to see a larger version)   India’s broad range of fiscal, monetary and health responses to the crisis supported its recovery and, along with economic reforms, are helping to mitigate a longer-lasting adverse impact of the crisis, according to the latest annual review by IMF staff. Though policy steps helped mitigate the pandemic, it’s still likely to result in greater poverty and inequality. And the path of recovery will follow the path of the virus. While new infections have fallen and vaccination rates are rising, another resurgence is possible. “There's a lot of uncertainty,” Breuer said. “We cannot rule out future waves.”   RELATED LINKS Read the Article IV review India and the IMF

International Monetary Fund:Resilience and Sustainability | Metals and Green Energy | A Pathway to Net-Zero

 

The latest IMF analysis of global economics, finance, development and policy issues shaping the world //

Dear maria, Welcome to the Weekend Read! In today's edition we get new details on a Resilience and Sustainability Trust, we wrap up the second and final week of COP26 with a focus on how rising metals prices could effect a green transition, a playbook for climate negotiators, how Maldives is wrestling with climate change, economic outlooks for Mexico and India, and much more. Special Drawing Rights Financing Resilience and Sustainability The IMF will seek to launch a new Resilience and Sustainability Trust (RST) in time for the Annual Meetings in October 2022. To start, the trust would make $30 billion available to low-income and vulnerable middle-income economies, as well as fragile island economies, IMF Managing Director Kristalina Georgieva announced this week at the Paris Peace Forum. The new trust enhances the IMF's ability to provide long-term and low interest funding to countries in need. It will also be a way for wealthier countries to "rechannel" new additional Special Drawing Rights (SDRs) to countries that need them the most. Earlier this year, the IMF Board of Governors agreed to a historic allocation of the international reserve asset, injecting the equivalent of $650 billion in new liquidity into the global economy. Rechanneling goals: The G20 has put forward a goal of rechanneling $100 billion of the SDR allocation from richer to poorer countries. Georgieva said the goal would be to build the RST up to $50 billion or more. The new trust would provide another vehicle for nations to rechannel SDRs beyond the existing Poverty Reduction and Growth Trust. "Via this new RST instrument, the IMF can do significantly more to support policies for the once-in-a-lifetime transformation to the new climate economy—one that is low-carbon and, most importantly, climate resilient," Georgieva said in her statement. Climate (Photo: Petmal/iStock by Getty Images) Metal Prices and the Green Transition Transitioning to greener and cleaner forms of energy could spur unprecedented demand for copper, cobalt, lithium and nickel--metals used to generate and store renewable forms of energy. A surge in prices could create a boom for some economies but soaring costs could delay or derail the energy transition, Lukas Boer, Andrea Pescatori , Martin Stuermer and Nico Valckx write in a new IMF Blog. Under a net-zero emissions scenario, booming demand for the four energy transition metals alone would boost their production value sixfold to $12.9 trillion over two decades, the authors found in new staff research.  High uncertainty: Uncertainty over demand, technological change and policy direction could hinder mining investment, raising prices and derail or delay an energy transition. A credible, globally coordinated climate policy; high environmental, social, labor, and governance standards; and reduced trade barriers and export restrictions would allow markets to operate efficiently and direct investment. An international body with a mandate covering metals—analogous to the IEA for energy or the UN Food and Agriculture Organization—could also play a key role. Read the Blog COP26 A Playbook of Pathways to 1.5-2 Degrees The United Nations Climate Change Conference (COP26) concluded this week in Glasgow with the key takeaway that everyone needs to do more to take steps to limit global warming. To keep warming to 1.5-2 degrees, we need to cut global emissions by 30-55 percent below business-as-usual levels by 2030. Under revised plans, advanced economies have committed to reduce emissions rapidly—with collective pledges of 43 percent below projected 2030 levels (up from 21 percent in 2015 pledges). Higher-income emerging market economies have together pledged a 12 percent cut (up from 3 percent in 2015), and lower-income emerging market economies, 6 percent (up from 4 percent). The IMF has identified multiple pathways to keep warming contained. These are feasible, affordable and—arguably—fair, since they place a bigger burden of cuts on richer countries. Want to know more? Download the new IMF Staff Climate Note: “Not Yet on Track to Net Zero: The Urgent Need for Greater Ambition and Policy Action to Achieve Paris Temperature Goals” Read our entire IMF Staff Climate Note series.  Watch a short video explaining how prosperity is possible in a net-zero future. F&D Magazine (PHOTO: IMF PHOTO/RAPHAEL ALVES) F&D: No Higher Ground Maldives Environment Minister Aminath Shauna is fighting an existential battle against climate change for her low-lying island nation. The country lives and dies by the ocean that surrounds its 1,200 islands. It has built an economy on drawing tourists to its crystal blue waters. Those same waters continually threaten its population. In an "In the Trenches" interview, Shauna describe how the government is approaching adaptation measures and setting a good example of how even the smallest countries can make efforts to cut greenhouse gases. Read the full article on the web or download a PDF. Read the Full September Finance & Development Issue Want to get a print copy delivered to your home or office? Click here. (Photo: Luis Cortes/Reuters/Newscom)   Mexico on the Rebound Mexico’s economy is rebounding from its steepest recession in decades. Raising productivity and tackling poverty remain key challenges. Per capita incomes in Mexico have continued their long-term divergence from the US and poverty has increased even further. In a new Country Focus, the IMF's Swarnali Hannan and Kevin Wiseman describe the challenges ahead.   (Photo: unsplash)   India's Path Forward India’s broad range of fiscal, monetary and health responses to the crisis supported its recovery and, along with economic reforms, are helping to mitigate a longer-lasting adverse impact of the crisis. The pandemic, however, is still likely to result in greater poverty and inequality. A new Country Focus provides a snapshot of India's outlook and features an in-depth podcast with Luis Breuer, the IMF’s senior resident representative to India. Quote of the Week “Technological advances in finance should be broadly welcome, together with preparations to capture their benefits and mitigate potential risks to the financial system’s integrity and safety. ”   —IMF Deputy Managing Director Bo Li in an event on managing technology in finance WEEKLY ROUND-UP 01. Managing Technology in Finance IMF Deputy Managing Director Bo Li led a discussion on global approaches for managing technology in finance. From the perspective of financial regulators, the key question is how to reap the benefits of technology in terms of financial inclusion, efficiency, risk management, and oversight, while managing the financial stability and integrity risks. On the panel were Catherine Batchelor, Director, Digital Markets Unit, Competition and Markets Authority, United Kingdom; Ho Hern Shin, Deputy Managing Director, Monetary Authority of Singapore; Robert B. Koopman, Chief Economist and Director, Economic Research and Statistics Division, World Trade Organization; Anton Korinek, David M. Rubenstein Fellow, Brookings Institution; and Latha Reddy, Co-Chair, Global Commission on the Stability of Cyberspace. 02. Monetary Policy and Inequality The role of central banks in reducing inequality through monetary policy can go both ways. On one hand lower interest rates increase asset prices, which can benefit the wealthy. On the other, low interest rates can also create more employment and lower borrowing costs, benefitting lower income households. At Tuesday's Federal Reserve Conference on Diversity and Inclusion in Economics, Finance, and Central Banking IMF Chief Economist Gita Gopinath moderated a panel on the subject with Andrew Bailey, Governor, Bank of England; Roger Ferguson, Former Vice Chair, Federal Reserve Board; J. Nellie Liang, Undersecretary for Domestic Finance, U.S. Treasury; and Isabel Schnabel Board Member, European Central Bank.  Also, be sure to read a recent F&D article explaining the distributional effects of monetary policy. 03. Firms and Workers in the MENA Region The IMF's Jihad Azour, director of the Middle East and Central Asia Department, participated in a panel discussion with the United Arab Emirates Ministry of Economy on the legacy of the pandemic on firms and workers in the Middle East and North Africa region. He noted that countries in the Gulf Cooperation Council are performing better than others in the region with growth and recovery being driven by the non-oil sector.  In a separate event, Azour discussed the role of youth in the region's development during an event at New York University Abu Dhabi. 04. A Global Network of Support The International Monetary Fund leverages a network of seventeen regional capacity development centers (RCDC) spread across five continents to help meet its members’ needs for technical assistance and training. From setting up fiscal transparency portals on COVID-19 spending and debt management to boosting revenue mobilization and better tracking economic activity, RCDCs have been at the forefront of the IMF’s capacity development efforts during the crisis. Find out more in this wrap-up of this week’s Retreat of RCDC directors, which featured the IMF's First Deputy Managing Director Geoffrey Okamoto, Deputy Managing Director Antoinette M. Sayeh, Director of Communications Gerry Rice, and more. 05. A New Deputy Managing Director IMF Managing Director Kristalina Georgieva announced this week to the Executive Board her proposal to appoint Kenji Okamura as Deputy Managing Director, effective Dec. 3. He will take the place of Mitsuhiro Furusawa, who announced his departure last month. Okamura currently serves as special advisor to Japan's prime minister on international economic policies. Mark Your Calendar 01. IMF Statistical Forum The International Monetary Fund will hold its 9th Statistical Forum virtually on November 17-18, 2021. The conference will focus on the role of economic and financial statistics in informing decision makers and the public on climate change related trends. Some highlights include a conversation between the IMF Managing Director Kristalina Georgieva and Johan Rockström of the Potsdam Institute for Climate Impact Research on climate risks and planetary boundaries, a presentation of The IMF Climate Change Indicators Dashboard, and a high-level panel moderated by Gillan Tett of the Financial Times on the role for data for a greener future in the aftermath of COP26. In our latest chart of the week, by the IMF's Cian Allen and Cyril Rebillard, an analysis of US data as part of our recent External Sector Report found the bulk of the increase in saving and wealth during the pandemic occurred at the top of the wealth distribution. Indeed, while recent research has documented that household saving has historically been very unevenly distributed in the United States, very little is known of how the increase in saving or wealth since the beginning of the pandemic was distributed. Our chart, based on data published by the Federal Reserve, tries to answer this by plotting the changes in household net wealth by percentile (expressed as a ratio of total nationwide personal disposable income) during the pandemic and during a period of time before the pandemic we refer to as “normal times.” What we found is the net wealth of the top 1 percent richest households rose by nearly 35 percentage points of the economy’s disposable income compared to a modest 5-percentage-point increase for households in the bottom 50 percent. Adam Behsudi Editor IMF Weekend Read abehsudi@IMF.org   P.S. What global economic issues are you watching? Let me know what's attracted your attention or keeps you up at night.