{
  "id": "R46342",
  "type": "CRS Report",
  "typeId": "REPORTS",
  "number": "R46342",
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      "id": 624642,
      "date": "2020-05-04",
      "retrieved": "2020-05-19T13:54:58.191909",
      "title": "COVID-19: Role of the International Financial Institutions",
      "summary": "The international financial institutions (IFIs), including the International Monetary Fund (IMF), the World Bank, and regional and specialized multilateral development banks, are mobilizing unprecedented levels of financial resources to support countries responding to the health and economic consequences of the COVID-19 pandemic. \nMore than half of the IMF\u2019s membership has requested IMF support, and the IMF has announced it is ready to tap its total lending capacity, about $1 trillion, to support governments responding to COVID-19. \nThe World Bank has committed to mobilizing $160 billion over the next 15 months, and other multilateral development banks have committed to providing $80 billion during that time period. \nAt the urging of the IMF and the World Bank, the G-20 countries in coordination with private creditors have agreed to suspend debt payments for low-income countries through the end of 2020. \nPolicymakers are discussing a number of policy actions to further bolster the IFI response to the COVID-19 pandemic. Examples include changing IFI policies to allow more flexibility in providing financial assistance, pursuing policies at the IMF to increase member states\u2019 foreign reserves, and providing debt relief to low-income countries. \nCongressional Role\nCongress exercises oversight of U.S. participation of the IFIs and authorizes and appropriates U.S. financial contributions to the IFIs. \nIn response to the overwhelming demand for IFI resources, in March 2020 Congress accelerated authorizations that were under consideration in the FY2021 budget request to increase funding for the IMF, two World Bank lending facilities, and two African Development Bank lending facilities (P.L. 116-136). \nSome of the policy actions under discussion to bolster the IFI response to the COVID-19 pandemic, such as IMF gold sales, IMF policies to bolster foreign reserves, and additional debt relief for low-income countries, would require congressional legislation. \nSome Members of Congress may seek to shape or exercise broader oversight of U.S. policy towards IFI policy changes as well as new IFI programs that could exceed $1 trillion.",
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      "typeId": "REPORTS",
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        {
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          "id": 4854,
          "name": "International Financial Institutions"
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    "Economic Policy",
    "Foreign Affairs",
    "Industry and Trade",
    "Intelligence and National Security"
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}