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International Monetary Fund
The global policy agenda that follows recalibrates priorities to meet the new reality we are facing. The IMF also continues to adjust to respond to the rapidly evolving needs of our membership. Our flexibility has been evident over the past two years of the COVID crisis: unprecedented emergency financing; a historic Special Drawing Rights (SDR) allocation; an innovative plan to end the pandemic. Now, as we face another crisis on top of a crisis, we will continue to step up and support our member countries in every way we can—with financial resources, policy advice, and capacity development—working in collaboration with our international partners.
Mr. Philip Barrett and Sophia Chen

of the empirical evidence overall? As discussed earlier, epidemics may have both scarring and mitigating effects on social unrest. Whether an epidemic will increase or decrease the overall likelihood of social unrest may depend on whether the scarring effect or the mitigating effect dominates over time. Our empirical results confirm this ambiguous relationship. On the one hand, the finding of a robust and positive cross-sectional relationship between epidemics and social unrest is consistent with a long-run scarring effect. On the other hand, evidence is weak in

Mrs. Swarnali A Hannan, Juan Pablo Cuesta Aguirre, and David Bartolini
Poverty in Mexico was high before the COVID-19 pandemic and has been exacerbated by the pandemic, with significant variation across states. Education losses from the pandemic are likely to be large and worsen pre-existing disparities; unless mitigated soon, they could contribute to heightened scarring over the medium term. Using state-level and cross-country comparisons, this paper reviews key social programs as well as priorities in education and health. It finds that higher spending and improved design of social programs (e.g., better targeting) would reduce socioeconomic gaps, mitigate scarring risks, and foster inclusive growth.