rosthom fadli : imfc statement statement by mr rosthom fadli, governor of the bank of algeria, on behalf of the islamic republic of afghanistan, algeria, ghana, islamic republic of iran, libya, morocco, pakistan and tunisia, at the forty - third meeting of the international monetary and financial committee, virtual imf spring meetings, washington dc, 8 april 2021. * * * the covid - 19 crisis has taken a heavy economic toll and caused tragic loss of lives and immense human suffering. no country has been spared. the synchronized, forceful, and timely global policy response prevented a worse outcome, but the damage has been still very significant and widespread. the recovery is gaining momentum, though its course and pace are highly dependent on the dynamics of the pandemic. the pandemic ’ s long term scarring effects are also still uncertain. the crisis has exacted a heavy toll on the low - income countries ( lics ), in many cases reversing, in a matter of few short months, their hard - earned gains achieved over decades in alleviating poverty and improving social conditions. the vulnerable groups — youth, women, low skill labor and workers in the informal sector — have been hardest hit. the crisis has pushed millions of people into extreme poverty and severe food insecurity in addition to millions already suffering. saving lives is still the highest priority. multiple waves of the virus and its still uncontrolled spread in some regions pose serious threats to the global fight against the pandemic and further loss of lives. the slow and uneven vaccine rollout, even in some advanced economies, and its very limited availability in the lics are matters of serious concern. enabling global access to effective and affordable vaccines is a global responsibility, and an ethical and moral issue. we support the managing director ’ s global policy agenda ( gpa ) and its wellplaced focus on creating conditions for a safe exit from the crisis followed by a sustained, strong and inclusive global economic recovery. we welcome the gpa ’ s recognition of difficult challenges facing many developing countries in pursuing their development and social objectives, while facing severe financing constraint and high debt. we further welcome the increasing imf emphasis on middleincome countries as many face stalled growth and large financing needs in tighter market conditions. our constituency is a heterogeneous group of countries and a mix of fragile and conflict - affected states, middle - income and frontier economies, and oil exporting

education isn ’ t just about college course work, it should be a lifelong experience. if your employer asks you do something new – don ’ t shy away from it. instead, think of it as a wonderful deal : your employer is going to pay you to deepen your skills and knowledge base. you will be paid to become more valuable. for me, the ability to build my human capital has happened – in spades – several times. the first occurred here at new college and at berkeley for graduate school. here i learned to really read critically and how to write – the one literature course that i mentioned earlier notwithstanding. the second was the opportunity early on in my career to become involved in macroeconomic forecasting and policy analysis. up to that point, i had been a regulatory economist. i had only taken one course in macroeconomics in graduate school and it was the only course on which i received a “ b ” grade – i had not revealed any great affinity for that subject. at first, the work was stressful. when people asked me questions, i wasn ’ t sure whether i was supposed to know the answers or not. at first, i felt quite ignorant, but eventually that passed. the third was when i was asked to head the markets group at the federal reserve bank of new york at the beginning of 2007. it was an unexpected opportunity for public service after spending the bulk of my career in the private sector. the markets group is the operational arm of the federal reserve system. it helps to have an economics background, but it was a very different task managing 300 people who worked in many complex businesses ranging from treasury auctions to providing services to foreign central banks. and, when the financial crisis began in earnest in august 2007, the learning curve accelerated sharply. and the fourth was when i had the opportunity to succeed timothy geithner as president of the bank in january 2008. now it is 3, 000 people, not 300 to manage and a much wider set of responsibilities. some of the most interesting parts of the job have been getting troubled financial institutions onto a stronger footing so that these firms could provide greater credit and support to the u. s. economy. obviously, working closely with chairman ben bernanke and my fed colleagues at the board of governors and around the other 11 reserve banks has also been particularly rewarding. each time, the opportunities helped me broaden my knowledge and skills. my career benefited as a consequence. in implementing this advice, it also