The New York Fed is proud to play a role in connecting and convening leading policy influencers, stakeholders, and thinkers from across the city and around the country. Our goal in hosting events like these is to be a catalyst for collaboration and creative solutions. The panelists we'll hear from today will help us accomplish just that. They each have a deep understanding of the issues, a familiarity with the communities, and many innovative ideas to share. The topics on the agenda complement the work that many people do in this very building every day. Our outreach and community development team is actively engaged with people and leaders around the Second District through regional visits, advisory councils, and frequent events. And our researchers study economic conditions and trends in the region and make their findings widely available. This is a pivotal time for our city. We are excited to be back here, and we will continue this important work in forums similar to this one. I hope you'll partner and engage with us, because our collective efforts will make a difference. Let's take advantage of this opportunity-this New York moment- and together shape a bright future for this great city. 2/2  BIS - Central bankers' speeches
The oil importing countries in our constituency continue to face large fiscal and external imbalances and soaring public debt, although an upside surprise in remittance inflows has provided some relief. The recovery of the LICs, most already beset by fragilities, is further constrained by the lack of fiscal space, elevated debt levels, declining aid and limited access to financing. While welcoming the ongoing international efforts to assist the LICs, including through debt service relief from the IMF and the World Bank and the G20-led DSSI, we strongly believe that a broader international participation, including by private creditors, is critical given the LIC’s debt vulnerabilities and the uncertainties that threaten their medium-term economic viability. The fragile states and countries afflicted by conflict and those hosting refugees in the MENAP+ region deserve close attention and timely and commensurate response by the international community. 1/2  BIS central bankers' speeches  The IMF’s nimble and proportional response to the crisis, including through an expansion of its toolkit and higher access limits, provided a critical lifeline for members facing large financing needs. The crisis is still evolving and there is still need for emergency support. The requests of some 40 members are still pending, including that of a major country in our constituency. In this regard, we would like to reiterate our call on the Fund to ensure that its financial support, policy advice, and capacity development are available to all members in an evenhanded manner without exception.