COVID-19

The world is seeing growing challenges that are affecting the real – and the financial economy, including banking and insurance companies. In the last two years, countries in Europe and Central Asia (ECA) are seeing the gains of ten years of reform and investment for inclusive growth and shared property drastically diminished by the Covid-19 pandemic, adverse climate events, and the war in Ukraine; these events have been disrupting supply chains and led more recently to rapid changes in prices of energy, food, and commodities, leading to inflation and rising interest rates.

A two-day virtual forum for banking and insurance regulators was delivered by the CFRR on December 13 and 14, 2021 under two flagship regional programs: Strengthening Auditing and Reporting in the Eastern Partnership (STAREP) and the Road to Europe Program of Accounting Reform and Strengthening Institutions for Small and Medium Enterprises (REPARIS for SMEs). Representatives of regulators from Kazakhstan and the Kyrgyz Republic also joined the event.

The Workshop hosted virtually about 90 participants from about 20 countries.

The COVID-19 pandemic presents one of the largest challenges to governments seen in the current century. As a result of the unprecedented fiscal interventions being deployed by governments worldwide, the effects of the pandemic will be felt on government finances both immediately and in the long-term.