20 measures aimed at expanding the monetary stimulus, deepening it through non - conventional instruments to encourage credit and liquidity, stabilizing financial markets, and gaining space to address additional stressful scenarios. these measures have pledged resources equivalent to more than 20 % of gdp, doubling the size of the bank ’ s balance sheet. these efforts have paid off. the decline in activity stopped in june and in the four months since then it has recovered more than half of the losses of the previous four months. as a result, almost a third of the workers who lost their jobs have obtained new ones and a large number of those who benefited from the employment protection law have returned to their occupations. in the third quarter, fiscal transfers were able to compensate for all the fall in labor income of the poorest 20 % of the population, and the remaining 80 % will have obtained liquidity that far exceeds the loss of income through the withdrawal of pension savings. there is evidence that the fogape - guaranteed loans reached preferentially the companies most affected by the drop in sales, which helped them to resume their activity. moreover, a few months after the start of the pandemic, a significant number of activities, such as trade and education, had adapted their operation to do business under the newly imposed restrictions, resorting to digital or telematic means. to a large extent, this has been possible thanks to the experience, capacity and buffers accumulated over many years within the framework of economic policy adopted in chile. fiscal prudence, expressed in the structural balance rule, generated assets and borrowing capacity to meet spending needs and adopt a countercyclical fiscal policy in the current situation. monetary policy kept inflation low and expectations firmly anchored, generating space to strongly expand its expansionary stance by using both conventional and unconventional instruments. the rigor of our banking regulation, which is expected to be strengthened with the adoption of basel iii standards, allowed banks to expand their loans and respond to the cash flow difficulties of the companies. the depth of our capital market allowed large companies and the government to continue finding financing in the local bond market. the floating exchange rate continued to act as a buffer against external shocks, and the diversification of foreign trade allowed chile to benefit from the anticipated recovery of china and other asian economies. all this has made this crisis different from previous cycles, not only because of the origin and magnitude of the initial shock, but also because of its propagation mechanisms and mitigating factors. this is how

to reduce vulnerability to climate impacts is particularly critical in africa. that's why it is so important to discuss how to scale up adaptation finance in africa. i found it very interesting to hear about challenges, possible solutions and how central banks and supervisors – and the ngfs – can support the mobilisation of adaptation finance. 2 / 4 bis - central bankers'speeches in a moment, we will look more broadly at the role of central banks and supervisors in addressing climate - related challenges. against a backdrop of increasing political fragmentation and polarisation, cooperation and collaboration are more important than ever. because our planet is heating up fast. last year was the warmest on record. 5 the implications of climate change for central banks, monetary policy and financial supervision are profound and multifaceted. central banks and supervisory authorities around the globe must adapt to and tackle these challenges. as independent institutions, we can best do so by communicating the facts clearly and transparently! our work can help to ensure that climate risks remain a top priority – in africa and globally – despite the many headwinds. our upcoming, final panel discussion will round off a very productive day. today's outreach meeting helped us to identify and discuss issues that are particularly relevant to economies in africa. the ngfs is about sharing knowledge, experiences and best practices. about learning from one another. personally, i learned a lot today, and i hope you did too. before we move on to the panel, i would like to thank yann marin and the team at the ngfs secretariat as well as everyone from the sarb for organising the meeting today. thank you for being great partners in steering our global network. and most importantly, thank you, everyone, for your contributions. i look forward to continuing our exchange and i am sure there will be plenty of opportunities throughout the year. in fact, tomorrow will already be our next opportunity. i am sure i will see some of you at the meeting of the basel committee on banking supervision and the financial stability institute where we will also discuss the role of supervisors in addressing climate change. and beyond that, i will be back soon in the context of the south african g20 presidency. moreover, i recommend that each and every one of you attend the ngfs plenary meeting in delhi in march, where we will need your perspectives as well. so, let's keep in touch and, together, let's all continue the success story of the ngfs! thank you. 1