. the oil exporting countries have been additionally hit hard by the sharp drop in international oil prices, that not only has put significant pressure on their public finances and balance of payments, but has also derailed their long term diversification plans ; while oil prices have recovered somewhat, economic activity is expected to remain subdued for some time. the low - income countries, many already under considerable social and economic strain, are facing daunting challenges because of the crisis and are falling further behind in income convergence. their heavy debt burden, limited financing options, and little or no policy space make it almost impossible for them to meet the challenges on their own. we call on the international community to rise to the occasion in helping these countries generously through grants, concessional financing and debt relief. we support the extension of the g20 debt service suspension initiative, as well as the extension of the catastrophic containment and relief trust, and welcome the progress in securing additional resources for the poverty reduction and growth trust. we encourage all public and private creditors to participate in similar debt relief operations. the plight of fragile and conflict - affected states in the menap region, some facing refugee and humanitarian crises, calls for a timely and proportional international response. the role of international institutions — particularly the fund — has been instrumental in helping 1 / 2 bis central bankers'speeches countries to alleviate their significant financing pressures arising from the pandemic. we laud the agile response of the imf to support more than 80 members in the first few months of the crisis through its emergency and other financing facilities. the imf moved swiftly to expand and adapt its lending toolkit to the needs of the members, including through temporary increases in access limits to its emergency facilities. yet, requests by some other 20 members for emergency support are still pending for various reasons. we call upon the fund to ensure that its support is available to all members in an evenhanded manner without exceptions, and that emergency financing lives up to its name. we look forward to further refinements of the fund ’ s lending toolkit, including the introduction of a pandemic support facility. as the global economy is bracing for a challenging post - crisis recovery, the fund must stand ready to assist members through financial support and tailor - made as well as country specific policy advice and capacity development to ensure that the transition and the subsequent recovery proceed smoothly. this could only be achieved by a strong, quota - based, and adequately resourced imf, with the quotas

and 14 % in 2011 ), driven by medium and long term credit dynamics ( 27. 6 % ), was a key determinant of monetary expansion in 2013. as regards the private sector, the credit growth rate over the last thirteen years averaged 19. 4 %. the revision of the 2003 banking law through the ordinance on money and credit of august 2010 extended the missions of the central bank to include an explicit objective of financial stability in addition to the price stability mandate. the 2010 banking law emphasized the role of the bank of algeria in ensuring banking system stability, safety and soundness. in this regard, it has been endowed with larger prerogatives to carry out any investigation at the level of banks or financial institutions, thereby enabling greater capacity for early detection of vulnerabilities in the system. accordingly, the bank of algeria intensified micro - prudential controls, including with regard banks ’ anti money laundering and financing of terrorism mechanisms. improved efficiency of these controls enables an orderly development of the banking system. for a comprehensive monitoring of the banking sector stability, the bank of algeria periodically assesses its bis central bankers ’ speeches soundness, based on stress tests which have been developed since 2007 and strengthened in 2013 – 2014. in addition, existing micro - prudential regulation tools – such as loan to value ratios, minimum reserve requirement ( also a monetary policy instrument ), and the ratio of debt service to revenue – have been revisited and could be adjusted as needed to face potential systemic risks. furthermore, a strengthening of macro - prudential tools is underway since early 2013, especially through the introduction of new tools enabling horizontal analysis of risks and the introduction of resilience tests. to further develop the operational framework for financial stability, and following the implementation in 2010 of the new accounting rules, in line with international standards, as well as those related to the assessment of the risks associated with new financial products, a regulation on the identification, measurement, and management and control of the liquidity risk was enacted by the council on money and credit in may 2011. this regulation introduces a minimum short - term liquidity ratio which must be met by banks and financial institutions at all times. in the same vein, the council on money and credit has also enacted in may 2011 a second regulation establishing an internal surveillance system and a ceiling by counterpart regarding interbank outstanding lending and borrowing, especially those occurring in the money market. the assessment made by the bank of algeria for 2013 suggests that all banks meet the