Many member countries who were far removed from the epicentre and had no role or responsibility in the making of the crisis have nevertheless been adversely affected by it. The Fund would have to assist them and ensure that the fallout of the crisis in emerging markets and developing countries is contained.
We expect that these facilities will be implemented in an appropriately flexible manner. The Fund should work closely with its membership to ensure that support is provided in a timely manner to prevent crises at an early stage. In this context, the initial response to the FCL is heartening.