The International Monetary Fund said in a special note published on Feb 24, it planned to implement a safety net to help, financially, countries that export commodities whose prices are affected by current price plunge. To do this, the institution said it would develop “new financial mechanisms”.

This option is part of a programme that integrates reforms and policies that aim to support global growth, IMF said in a release published prior to the meeting gathering ministers of finance and central bank governors today in Shangaï.

According to the note entitled “Global Prospects and Policy Challenges”, IMF is likely to scale down its new forecast for global financial growth in 2016, in April, during its quarterly review of global economy.  

“Global recovery has weakened further amid increasing financial turbulence and falling asset prices,” said the institution which previously decreased its growth forecast by 0.2 pt for this year, to 3.4%.

To overcome risks of “derailed recovery”, IMF suggested the implementation of accommodative monetary policies in advanced economies, the use of a budget policy to support economic activity and flexible exchange rates for countries exposed to a sudden slowdown.