IDB to analyse effect of pandemic

Washington – The Inter-American Development Bank (IDB) says it will bring together experts to discuss the state of financial inclusion as a result of the health emergency caused by the coronavirus (COVID-19) pandemic in Latin America and the Caribbean. (LAC).

The IDB said together with IDB Invest, the private arm of the IDB Group, it will host the IDB Lab on November 16 as financial inclusion is called to play a fundamental role in the response of the LAC to the COVID-19 crisis.

The two-hour event, beginning at 10 a.m., will take place virtually and is organised in three sessions. It will address, to begin with, the effectiveness of response tools and mechanisms activated to support vulnerable populations, mainly the role played by payments, remote banking and digital infrastructure.

This first session will also include the global launch of the 2020 edition of the Global Microscope on Financial Inclusion, conducted annually by the Economist Intelligence Unit with the support of the Bill & Melinda Gates Foundation, the Center for Financial Inclusion, IDB Invest and IDB Lab.

The Global Microscope annually presents data on how regulators and policymakers in 55 countries are driving the creation of environments conducive to financial inclusion for small businesses and vulnerable populations. In this edition, special emphasis has been placed on seeking to understand those instruments that, in the context of financial inclusion, have served to address the crisis generated by the COVID-19.

The IDB said that the impact of the pandemic on the daily operations of financial service providers will be analysed in the second session of the event, which will emphasize aspects such as the reduction of liquidity or insolvency, or the reorganisation of work.

The third and final session will focus on the day after the vaccine, providing recommendations on how to improve the resilience, innovation and inclusion of financial systems in Latin America and the Caribbean. (CMC)