en-gb	Policy Action for a Healthy Global Economy
zh-cn	采取政策行动，维护全球经济健康

en-gb	By Kristalina Georgieva
zh-cn	作者：克里斯塔利娜·格奥尔基耶娃

en-gb	While quarantining and social distancing is the right prescription to combat COVID-19’s public health impact,
zh-cn	尽管隔离和保持社交距离是对抗COVID-19带来的公共卫生影响的正确对策，

en-gb	the exact opposite is needed when it comes to securing the global economy.
zh-cn	但维护全球经济恰恰需要相反的做法。

en-gb	Constant contact and close coordination are the best medicine to ensure that the economic pain inflicted by the virus is relatively short-lived.
zh-cn	频繁接触和紧密协调 是确保病毒带来的经济阵痛相对短暂的最佳药方。

en-gb	Many governments have already taken significant steps, with major measures being announced on a daily basis—including yesterday’s bold, coordinated moves on monetary policy.
zh-cn	许多国家的政府已经采取重要措施，每天都在宣布重大措施，包括昨天在货币政策上采取的大胆、协调的行动。

en-gb	But clearly, even more needs to be done.
zh-cn	但显然，还有更多的工作要做。

en-gb	As the virus spreads, increased coordinated action will be key to boosting confidence and providing stability to the global economy.
zh-cn	随着病毒蔓延，必须采取更多协调一致的行动，以提升信心和维持全球经济稳定。

en-gb	Today, the IMF published a set of policy recommendations that can help guide countries in the difficult days ahead.
zh-cn	今天，国际货币基金组织公布了一组政策建议，帮助引导各国度过未来的困难时期。

en-gb	What more needs to be done?
zh-cn	需要在哪些方面采取更多措施？

en-gb	Three action areas for the global economy
zh-cn	全球经济的三个行动领域

en-gb	First, fiscal.
zh-cn	首先，财政领域。

en-gb	Additional fiscal stimulus will be necessary to prevent long-lasting economic damage.
zh-cn	有必要扩大财政刺激，防止出现长久的经济破坏。

en-gb	Fiscal measures already announced are being deployed on a range of policies that immediately prioritize health spending and those in need.
zh-cn	已经宣布的财政措施正在通过一系列政策进行部署，这些政策立即优先考虑卫生支出和那些需要帮助的群体。

en-gb	We know that comprehensive containment measures—combined with early monitoring—will slow the rate of infection and the spread of the virus.
zh-cn	我们知道，全面的防控措施加上早期监测，将放慢传染速度，抑制病毒蔓延。

en-gb	Governments should continue and expand these efforts to reach the most-affected people and businesses
zh-cn	政府应继续开展并扩大这些工作，帮助那些受影响最大的人和企业

en-gb	—with policies including increased paid sick leave and targeted tax relief.
zh-cn	——有关政策包括增加带薪病假和实施有针对性的税收减免。

en-gb	Beyond these positive individual country actions, as the virus spreads, the case for a coordinated and synchronized global fiscal stimulus is becoming stronger by the hour.
zh-cn	除了各国采取的这些积极行动，随着病毒蔓延，采取协调和同步的全球财政刺激的必要性迅速提升。

en-gb	During the Global Financial Crisis (GFC), for example, fiscal stimulus by the G20 amounted to about 2 percent of GDP, or over $900 billion in today’s money, in 2009 alone.
zh-cn	例如，在全球金融危机期间，二十国集团仅在2009年一年内实施的财政刺激就达GDP的2%左右，按现在的货币计算，超过9000亿美元。

en-gb	So, there is a lot more work to do.
zh-cn	因此，仍有大量工作要做。

en-gb	Second, monetary policy.
zh-cn	第二，货币政策。

en-gb	In advanced economies, central banks should continue to support demand and boost confidence by easing financial conditions and ensuring the flow of credit to the real economy.
zh-cn	在发达经济体，中央银行应继续支持需求和提升信心，措施包括放松金融状况，确保信贷流向实体经济。

en-gb	For example, the U.S. Federal Reserve just announced further interest rate cuts, asset purchases, forward guidance and a drop in reserve requirements.
zh-cn	例如，美联储刚刚宣布进一步下调利率、购买资产、提供前瞻性指导以及降低存款准备金率。

en-gb	Policy steps that we know have worked before—including during the GFC—are on the table.
zh-cn	我们知道以前奏效的政策措施——包括在全球危机期间——现在也在讨论之中。

en-gb	Yesterday, major central banks took decisive coordinated action to ease swap lines and thus lessen global financial market stresses.
zh-cn	昨天，主要中央银行采取了果断、 协调的行动，放松了货币政策，开放了互换额度，以缓解全球金融市场的压力。

en-gb	Going forward, there may be a need for swap lines to emerging market economies.
zh-cn	今后，新兴市场经济体可能需要货币互换额度。

en-gb	As the Institute for International Finance said last week, investors have removed nearly $42 billion from emerging markets since the beginning of the crisis.
zh-cn	正如国际金融协会上周指出的， 自危机开始以来，投资者已从新兴市场撤出近420亿美元的资金 。

en-gb	This is the largest outflow they have ever recorded.
zh-cn	这是新兴市场经历的最大规模的资本外流。

en-gb	So central banks’ policy action in emerging-market and developing economies will need to balance the especially difficult challenge of addressing capital flow reversals and commodity shocks.
zh-cn	因此，中央银行在新兴市场和发展中经济体的政策行动，需要考虑应对资本流动逆转和大宗商品冲击方面特别困难的挑战。

en-gb	In times of crisis such as at present, foreign exchange interventions and capital flow management measures can usefully complement interest rate and other monetary policy actions.
zh-cn	在面对当前这种危机时，外汇干预和资本流动管理措施可以对利率和其他货币政策行动起到有益的补充作用。

en-gb	Third, the regulatory response.
zh-cn	第三，监管应对措施。

en-gb	Financial system supervisors should aim to maintain the balance between preserving financial stability, maintaining banking system soundness and sustaining economic activity.
zh-cn	金融体系监管机构应着眼于在以下几方面保持平衡，即维护金融稳定，保持银行体系稳健以及维持经济活动。

en-gb	This crisis will stress test whether the changes made in the wake of the financial crisis will serve their purpose.
zh-cn	这场危机将考验在金融危机之后做出的改变是否达到目的。

en-gb	Banks should be encouraged to use flexibility in existing regulations, for example by using their capital and liquidity buffers, and undertake renegotiation of loan terms for stressed borrowers.
zh-cn	应鼓励银行灵活运用现有监管规定（例如，通过使用资本和流动性缓冲），并对面临压力的借款人重新谈判贷款条件。

en-gb	Risk disclosure and clear communication of supervisory expectations will also be essential for markets to function properly in the period ahead.
zh-cn	披露风险状况和清晰地传达监管预期对于市场在未来一段时期能否正常运作至关重要。

en-gb	All this work—from monetary to fiscal to regulatory—is most effective when done cooperatively.
zh-cn	所有这些工作 ——从货币政策，到财政政策，再到监管政策——在以合作方式实施时最为有效。

en-gb	Indeed, IMF staff research shows that changes in spending, for example, have a multiplier effect when countries act together.
zh-cn	的确，国际货币基金组织工作人员的研究显示，当各国联合行动时，采取的措施（例如，调整支出）具有乘数效应。

en-gb	What the IMF can do？
zh-cn	国际货币基金组织能做什么？

en-gb	The IMF stands ready to mobilize its $1 trillion lending capacity to help our membership.
zh-cn	国际货币基金组织随时准备调动其 1 万亿美元的贷款能力，向成员国提供帮助。

en-gb	As a first line of defense, the Fund can deploy its flexible and rapid-disbursing emergency response toolkit to help countries with urgent balance-of-payment needs.
zh-cn	作为第一道防线，国际货币基金组织可以利用其灵活和快速拨付的紧急应对工具，帮助有国际收支紧急需求的国家。

en-gb	These instruments could provide in the order of $50 billion to emerging and developing economies.
zh-cn	这些工具可以向新兴和发展中经济体提供约500亿美元的资金。

en-gb	Up to $10 billion could be made available to our low-income members through our concessional financing facilities, which carry zero interest rates.
zh-cn	其中多达100亿美元的资金可以通过我们的优惠融资机制向低收入国家零利率提供。

en-gb	The Fund already has 40 ongoing arrangements—both disbursing and precautionary—with combined commitments of about $200 billion.
zh-cn	国际货币基金组织已具有40项现行贷款安排（包括实际拨款的安排和预防性安排），资金承诺总额约为2000亿美元。

en-gb	In many cases, these arrangements can provide another vehicle for the rapid disbursement of crisis financing.
zh-cn	在很多情况下，这些安排能够提供快速拨付危机融资的另一渠道。

en-gb	We also have received interest from about 20 countries and will be following up with them in the coming days.
zh-cn	约20个国家对此表示了兴趣，我们将在今后几天内与它们跟进。

en-gb	In addition, the Fund’s Catastrophe Containment and Relief Trust (CCRT) can help the poorest countries with immediate debt relief, which will free up vital resources for health spending, containment, and mitigation.
zh-cn	此外，国际货币基金组织的控灾减灾信托（CCRT）能向最贫穷国家立即提供债务减免，这将释放关键的资源，用于卫生支出和疾病防控。

en-gb	In this regard, I commend United Kingdom’s recent pledge of $195 million, which means the CCRT now has about $400 million available for potential debt relief.
zh-cn	在这方面，我称赞英国最近做出的提供1.95亿美元的承诺，这使CCRT目前具备4亿美元用于债务减免。

en-gb	Our aim, with the help of other donors, is to boost it to $1 billion.
zh-cn	我们的目标是，在其他捐助方的帮助下，将这项信托的资金规模扩大到10亿美元。

en-gb	In this way, the IMF can serve its 189 member countries and demonstrate the value of international cooperation.
zh-cn	通过这一方式，国际货币基金组织能够服务189个成员国并证明国际合作的价值。

en-gb	Because, in the end, our answers to this crisis will not come from one method, one region, or one country in isolation.
zh-cn	因为，我们解决这场危机的对策最终不是孤立地来自一种方法、一个地区或一个国家。

en-gb	Only through sharing, coordination, and cooperation will we be able to stabilize the global economy and return it to full health.
zh-cn	只有通过分享、协调和合作，我们才能使全球经济稳定下来并充分恢复健康。