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International financial cooperation to address the Latin American economic crisis

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  • Ocampo, José Antonio

Abstract

The current economic crisis will be remembered, not only as the worst since the Great Depression, but also for the limited multilateral financial cooperation agreed, particularly for middle-income economies. Several Latin American countries have benefited from flexible and emergency credit lines from the International Monetary Fund (IMF), in addition to other IMF instruments. Members of the Latin American Reserve Fund (known by its Spanish acronym, FLAR) can access its resources. Multilateral development banks have taken steps to support Latin American countries, but resources are limited. The Inter-American Development Bank (IDB) and the Development Bank of Latin America (CAF) have reached their lending capacity limit and need to be capitalized. The World Bank has increased its lending to the region, but these loans amount to less than those granted in 2009–2010. The actions of the Central American Bank for Economic Integration (CABEI) are noteworthy, thanks to its recent capitalization.

Suggested Citation

  • Ocampo, José Antonio, 2020. "International financial cooperation to address the Latin American economic crisis," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
    • Handle: RePEc:ecr:col070:46585
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    1. Cimoli, Mario & Bárcena Ibarra, Alicia, 2020. "Structural asymmetries and the health crisis: the imperative of a transformative recovery for the advancement of sustainable development in Latin America and the Caribbean," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.

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