BRUSSELS, April 22, 2021 / PRNewswire / – Alarmed by the disruptions caused by the COVID-19 pandemic and its impact on our societies and economies, the World Alliance of International Financial Centers (WAIFC), among other things, launched a workflow to explore how regulation and regulators can help accelerate a sustainable economic recovery from the current pandemic.
World Alliance of International Financial Centers (WAIFC) AISBL
The first topic we covered in this workflow was SME finance regulations. SMEs around the world have been hit hard by the COVID-19 pandemic. Demand for and consumption of goods and services plummeted as a result of lockdowns imposed by many countries around the world. As a result, the production of goods and services also fell. Many companies were forced to temporarily shut down their offices and production sites (often of uncertain duration) and feared that they would have to shut down their activities permanently. The pandemic prompted countries to close their borders, impede world trade and destroy value chains.
It is critical to support SMEs in surviving the pandemic and then moving smoothly into a sustainable economic recovery phase.
This report analyzes regulatory and supervisory interventions in our members’ countries and how crucial those interventions have been so far to business continuity during the crisis. It also includes recommendations that regulators can implement to help SMEs contribute to a speedy recovery from the crisis.
Commenting on the publication of this report, Jennifer Reynolds, president of the WAIFC stated:
“We are delighted to share this first report from our regulatory experts as part of our contribution to our broader work on the role of financial centers in preparing for the global economic recovery from the pandemic. We need to support SMEs with targeted regulatory action for a sustainable recovery. “
HE Abdullah Al Salmi, WAIFC Board Member and Executive Chairman of the Capital Market Authority Oman, commented on the report, saying:
COVID-19 continues to have major setbacks on all sides of our lives. The world’s economies are struggling to cope with this pandemic and are suffering to this day. companies, are unable to continue doing business, closing their operations for an uncertain duration, as it is still unclear when life will return to normal. now more than ever before financially supported. We believe regulators play an important role in facilitating this support. “
Dr. Jochen Biedermann, Managing Director of the WAIFC, added:
“When the COVID-19 pandemic hit around the world in 2020, we quickly saw the impact it would have on SMEs. SMEs are the backbone of our economy. SMEs have suffered more from their activity. They are usually more focused than large companies. It is crucial to support them in surviving the pandemic and then moving smoothly into a sustainable economic recovery phase.
You can download the report at https://waifc.finance/publications/.
The World Alliance of International Financial Centers (WAIFC) is a non-profit association registered in Belgium, representing 19 leading international financial centers on four continents. WAIFC members are city councils, associations and similar institutions that develop and promote their financial centers.
WAIFC facilitates collaboration among its members, the exchange of best practices and communication with the general public.
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SOURCE World Alliance of International Financial Centers (WAIFC) AISBL