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

Special Drawing Rights A Shot in the Arm While the Weekend Read was on hiatus, something big happened. On August 23 the IMF's largest allocation of Special Drawing Rights (SDRs) in history came into effect.  The allocation of the international reserve assets is equivalent to roughly $650 billion in much needed liquidity to global economic system amid an unprecedented crisis. About $275 billion is going to emerging and developing countries, of which low-income countries will receive about $21 billion--equivalent to as much as 6 percent of GDP in some cases. "SDRs can help countries with weak reserves reduce their reliance on more expensive domestic or external debt. And for states hard pressed to increase social spending, invest in recovery and deal with climate threats, they offer a precious additional resource," IMF Managing Director Kristalina Georgieva wrote in a Financial Times op-ed. How Does it Work? In one basic example, a country can exchange its SDRs with another country and receive foreign currency reserves. Those foreign currency reserves could then be used to purchase vaccines.  Making the Most of It The IMF is encouraging countries with stronger economies to voluntarily "channel" SDRs to the poorest and most vulnerable nations. The IMF is also engaging members on a possible new Resilience and Sustainability Trust that could use SDRs to help poor and vulnerable countries with structural transformations, such as coping with climate-related challenges. Another possibility could be channeling SDRs to support lending by multilateral development banks.  READ Read the Blog Read Managing Director Kristalina Georgieva's Op-Ed  LISTEN IMF Director of Strategy, Policy and Review Ceyla Pazarbasioglu explains the significance of the SDR allocation in this podcast Macroeconomics How Long is Transitory?   IMF Chief Economist Gita Gopinath recently explained the outlook on inflation. So what does it mean when current inflation trends are expected to be transitory? "I don’t mean we’re talking about a month or two. This goes on, especially in the US, into next year. Towards the end of next year the last data point there is about 2.6 percent in the fourth quarter," she said at the Bruegel Annual Meetings. She cautioned that the inflation debate doesn't follow one storyline, even for advanced economies. However, one important goal should be anchoring inflation expectations. Maintaining Credibility "It’s very important to signal that agility to move quickly, of course to track all these indicators, and to credibly communicate what will trigger movements and then to follow through and act on it," she said. "This is hard-won credibility and in these times, which are unique in terms of the recovery, it’s important to follow through and preserve that." The Takeaway Gopinath hit on similar themes in her presentation late last month to the Jackson Hole Economic Symposium. Unprecedented fiscal and monetary support made the pandemic-driven economic crisis less severe but has triggered inflation and debt concerns. "Monetary & fiscal support are both essential for macroeconomic recovery + central bank independence and the taboo against monetary financing has served countries well," she tweeted.  READ Read Gita Gopinath's Bruegel Presentation Read Gita Gopinath's Presentation to the Jackson Hole Symposium  WATCH View the Full Bruegel Event Finance & Development F&D: The Climate Issue Our Fall 2021 issue of F&D, produced in partnership with COP26, was just published. In this edition, we focus on the urgent need for climate action that can usher in a new era of sustainable development with expanded opportunities for people across the world. "No transition is easy. It will require compensating the workers and businesses that bear the cost of a green transition. It means breaking down political economy impediments to rapid progress. It depends on collaboration by citizens, governments, corporations, financial institutions, philanthropists, and the scientific community. Perhaps most important, it will require that world leaders expand their ambition and action, including mobilizing finance to help developing economies adapt to climate shocks," writes F&D editor-in-chief Gita Bhatt. A note of the stunning cover for this issue: Malaysian artist Nor Tijan Firdaus created an image of a young girl composed of discarded electronic components. The jarring composition creates a forceful reality of the consequences of human activity on the environment and climate.  READ Read the Full Issue   A Persistent Vaccine Gap The global rollout of COVID-19 vaccines is progressing at two alarmingly different speeds. Less than 2% of adults are fully vaccinated in most low-income countries compared to almost 50% in high income countries. —Joint Statement of the Multilateral Leaders Taskforce on Scaling COVID-19 Tools.   From the History Books: The Rethinking of the International Monetary System On August 15, 1971, US President Richard Nixon slammed shut the “gold window,” suspending dollar convertibility, effectively marking the end of the Bretton Woods system of fixed exchange rates. The move —decried at the time as an abrogation of America’s international responsibilities—paved the way for the modern international monetary system. Read the Full Blog   Pacific Island Airlines: Flying on Empty? Pacific Island countries rely on airline connectivity for tourism, job opportunities, healthcare access, and delivery of goods. But their national airlines face mounting financial difficulties. Read the Full Blog   Your Top 5 Back-to-School Blogs To help you stay on top of the news and policy debates from the past few months, our IMFBlog editors have put together a list of our top reads on economics and finance. Read More Here WEEKLY ROUND-UP 01. Tracking the Pandemic Response The IMF and World Health Organization have developed a new tool to track the number of vaccine doses secured by countries and areas through different channels, including bilateral agreements with manufacturers, donations from other countries, multilateral agreements through the COVAX Facility, World Bank Group, Asian Development Bank or other institutions/sources. The database builds on a broader effort by the leaders of the IMF, WHO, World Bank and World Trade Organization who established a task force on COVID-19 vaccines, therapeutics, and diagnostics to help developing countries. Check out the task force's data dashboard on vaccine delivery and administration. 02. Input Needed for Strategy for Fragile and Conflict-affected States The IMF wants your input and views on a forthcoming strategy to strengthen its engagement with Fragile and Conflict-affected States (FCS). The objective of the FCS Strategy is to enhance the IMF’s role in helping these states achieve macroeconomic stability to help them exit from fragility, strengthen their resilience, and promote sustainable and inclusive economic growth. The IMF aims to ensure that the FCS Strategy is informed by a wide range of perspectives, recognizing the value stakeholder consultations to help shape our policies and programs. If interested, please visit the FCS Strategy Consultation website to provide input by September 24, 2021. Please feel free to share the link with your networks. The FCS Strategy will be submitted to the IMF’s Executive Board for its consideration and approval in December 2021. 03. Podcast Rewind Catch up on the latest IMF podcasts you may have missed in recent weeks. Listen to IMF Economist Divya Kirti discuss the opportunities and challenges of sustainable investing as a way to mitigate climate change. Ruchir Agarwal, an IMF senior economist, asks whether humans have evolved enough to escape “chimpanzee politics” and confront the greatest risk our species is facing—climate change. His podcast is tied to his recent F&D article looking at the subject. Finally Andrew Steer, head of the Bezos Earth Fund, discusses his recent F&D article looking at the importance of innovation in the fight against climate change. 04. Strengthening the Climate Information Architecture Information is power when it comes to the fight against climate change. In a new staff climate note the IMF's Caio Ferreira, David L Rozumek, Ranjit Singh, and Felix Suntheim explain why a decisive, globally coordinated effort is needed to move forward on the three buildings blocks of a climate information architecture: (1) high-quality, reliable, and comparable data; (2) a globally harmonized and consistent set of climate disclosure standards; and (3) globally agreed upon principles for climate finance taxonomies and other classification approaches to align investments with climate goals. IMF Lending Check out our global policy tracker to help our member countries be more aware of the experiences of others in combating COVID-19. We are also regularly updating our lending tracker, which visualizes the latest emergency financial assistance and debt relief to member countries approved by the IMF’s Executive Board.  Looking for more information about the IMF's response to COVID-19? Click Here We are also continually producing a special series of notes—more than 50 to date—by IMF experts to help members address the economic effects of COVID-19 on a range of topics including fiscal, legal, statistical, tax and more. Adam Behsudi Editor IMF Weekend Read abehsudi@IMF.org This email was sent to politikimx@gmail.com using GovDelivery Communications Cloud on behalf of: International Monetary Fund · 1900 Pennsylvania Ave NW · Washington, DC · 20431

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U.S.A.s interesting latest news

Press Release

September 10, 2021

FDIC Launches 2nd Annual Academic Challenge
University and College Teams to consider impacts of pandemic on
banking sector

The Federal Deposit Insurance Corporation (FDIC) today announced the launch of the agency’s Second Annual Academic Challenge, a competition among teams of university and college students to address questions concerning the U.S. banking sector. The topic for this year’s challenge is “The Impacts of COVID-19 on the Banking Sector.”

FDIC Chairman Jelena McWilliams said, “The goal of this challenge is simple—to engage undergraduate students in our work and give them an opportunity to wrestle with some of the very same challenges that banking regulators deal with every day.”

The FDIC’s Center for Financial Research is hosting the 2021-2022 Academic Challenge, which will consist of two rounds. In the first round of the competition, teams of undergraduate students will use multiple public data sources to examine the effects of community banks on local economic development. In the second round, finalist teams will present their findings and answer questions from a panel of judges who work in the areas of banking and bank supervision.


The FDIC will challenge teams to use government and other public data to inform their insights. In addition, FDIC economists will host an online session to help students find resources and address questions about the competition. Participants will have the opportunity to showcase their analytical and presentation skills, to be exposed to important issues in banking, and to deepen their experiences working in teams.

Hear from former FDIC Academic Challenge participants as they describe their experiences and discuss the benefits of taking on the Challenge.

Search OFAC's Sanctions Lists
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Contact OFAC

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Issuance of Venezuela-related General License 5H and Amended Frequently Asked Question

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is issuing General License 5H, “Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After January 21, 2022.” In addition, OFAC is amending a related Frequently Asked Question.

For more information on this specific action, please visit this
page.






"New Rules for eCommerce in Europe since July 2021"


Since July 2021, new rules for e-commerce are in place, are you all set? VAT and Authorized Representatives rules have changed and everyone in the e-commerce supply chain is affected, from online sellers and marketplaces/platforms both inside and outside the EU, to postal operators and couriers, customs and tax administrations, right through to consumers. Three months later, what are the key takeaways after the implementation ?

Join us to learn from experts how to adjust to these changes and ask questions.

What You Will Learn
New EU VAT Rules since July 1, 2021
New rules for EU Authorized Representatives since July 16, 2021 (regulation on market surveillance and compliance)
Logistics- Servicing your European Customers
What assistance the CS E-commerce Team in Europe provides to develop your on-line business in the region

Speakers for the Event
Britta Eriksson, CEO - EuroVAT
Soufyan Lamdini, Compliance Expert - Certification Experts
Jelle de Rooij, Senior Manager Supply Chain Solutions - HIDC
Rose-Marie Faria, E.U. E-Commerce Team Coordinator, U.S. Commercial Service France



Event: New Rules for eCommerce in Europe since July 2021 Webinar

Date: Wednesday, September 22, 2021

Time: 11:00 a.m. - 12:00 p.m. ET

Cost: $25 per participant
Join this webinar virtually.
Participation is via your computer.
If you have questions in the U.S., contact Linda.Abbruzzese@trade.gov or Tricia.McLain@trade.gov; for questions in Europe, contact Rose-Marie.Faria@trade.gov
This webinar will conclude with a question and answer session.







The U.S. Commercial Service is the trade promotion arm of the
U.S. Department of Commerce's International Trade Administration.
U.S. Commercial Service trade professionals in over 100 U.S. cities and in more than 75 markets
help U.S. companies get started in exporting or increase sales to global markets.

If you are ready to begin exporting or expand to additional global markets,
please contact your nearest U.S. Commercial Service office or access exporting resources.

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"Fentanyl And Fentanyl Analogues Federal Trends and Trafficking Patterns" from the U.S Sentencing Commission updates the trends in federal sentencing.




This report on Fentanyl and Fentanyl Analogues examines the relatively new and emerging problem of fentanyl and fentanyl analogue trafficking. The United States Sentencing Commission (the “Commission”) issues this report pursuant to its authority to collect, analyze, and report on trends in federal sentencing.

To Purchase click here

Register Today

The SBA is gearing up for National Small Business Week, September 13-15, 2021! Join us for the free virtual summit to learn new business strategies, meet other business owners and chat with industry experts. This year's virtual summit will also feature an impressive list of guest speakers including, but not limited to, Mark Cuban, José Andrés and Cedric Richmond.  Register for the Virtual Summit  Mark Cuban Entrepreneur Mark Cuban is an entrepreneur, television personality and media proprietor. He is the owner of the Dallas Mavericks professional basketball team of the National Basketball Association, co-owner of 2929 Entertainment and chairman of AXS-TV. He is also one of the main “shark” investors on the hit ABC reality tv series “Shark Tank.” José Andrés Chef, Restaurateur and Founder of World Central Kitchen José Andrés is a Chef, Restaurateur, and founder of World Central Kitchen, a non-profit devoted to providing meals in the wake of natural disasters. He is often credited with bringing the small plates dining concept to America. He owns restaurants in Washington, D.C., Los Angeles, CA, Las Vegas, NV, South Beach Miami and Orlando, FL, Chicago, IL, and New York, NY. Andrés received the National Humanities Medal at a White House ceremony in 2016. In 2018, World Central Kitchen provided meals to furloughed federal employees during the federal government shutdown. Cedric Richmond White House Senior Advisor and Director of the Office of Public Engagement Cedric Richmond is an attorney and former Democratic Congressman for Louisiana’s 2nd Congressional District from 2011-2021. Richmond now serves as senior advisor to President Biden and director of the White House Office of Public Engagement. National Small Business Week is made possible, in part, due to the support of companies and organizers who serve as co-sponsors. The 2021 co-sponsors have joined the SBA to honor the nation’s 32.5 million small businesses for their perseverance, ingenuity, triumphs and creativity. See the list of co-sponsors.

The Doughboy Foundation:Special Event at the WWI Memorial

On Monday, September 13 we will be honoring General John J. Pershing's 161st birthday at the WWI Memorial in D.C.



Special Event at the WWI Memorial


Honoring
General John J. "Blackjack" Pershing's 161st Birthday

Schedule of Events for Monday Sept. 13, 2021


5:00pm - Regular Playing of "Daily Taps" at the WWI Memorial Flag Staff.

As we do every evening at 5pm at the WWI Memorial, a bugler dressed in a World War I period uniform will play “Taps” — the distinctive bugle melody played at U.S. military funerals and memorials.



6:00pm - Wreath laying and "Echoing Taps" at the Pershing statue and around the Memorial.

On this special occasion, there will be a wreath laying at the Pershing statue followed by "Echoing Taps", a musical experience where taps will sound from multiple buglers around the WWI Memorial.



6:30pm - A Concert at the WWI Memorial by the U.S. Army Band.

The General's birthday will be topped off with a performance by the U.S Army Band, known as "Pershing's Own". (weather permitting.)

Support the Doughboy Foundation Programs





The Doughboy Foundation is a 501c3 non-profit funded by philanthropic contributions. Our mission is to keep the story of WWI in the minds of all Americans, so that the 4.7 million who served in the Armed Forces, and how WWI changed America, will never be forgotten.