Discussion Group III: Global Liquidity and Financial Stability


Central banks have played an important role as lenders of last resort in the COVID-19 crisis, injecting massive amounts of liquidity to prevent a financial meltdown in their domestic economies. Their efforts were successful in rapidly restoring asset prices and financial stability after the major selloff that took place in March 2020. However, the liquidity that central banks can provide is in domestic currency, which cannot be used for payments of imports or servicing foreign currency-denominated debts. Although several developing countries were able to issue new debt recently, many developing countries – especially the poorest and most vulnerable – do not have this option. This Discussion Group will propose concrete options for these countries to access much needed foreign currency liquidity.

Co-leads and country members

Member State Co-Leads: Costa Rica and Maldives

Member State Participants: Antigua and Barbuda, China, Colombia, Haiti, India, Kazakhstan, Malawi
(Please note that the list of member State participants is open and will be updated frequently.)

UN Entity Focal Point: ECA in representation of the Regional Economic Commissions

Meeting summaries

First Meeting: 16 July 2020

Second Meeting: 5 August 2020

Upcoming meetings

Third Meeting: 25th August, EDT

Deadline for submission of final menu of policy outcomes: 28th August, EDT

Meeting with Ministers of Finance: 8th September, EDT

Heads of State and Government Meeting on the sidelines of the 75th Session of the United Nations General Assembly: 29th September, EDT

Related documents

Discussion Group 3 Background Document