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Investors are waiting for the quick recovery of the world economy, but if expectations are not met, markets are waiting for re-correction, despite massive support measures, analysts warn that the black sea Bank of trade and development. Thus, if commercial banks as anti-crisis measures regulators have provided additional liquidity, the multilateral development banks (MDBs) can’t satisfy the growth of demand for financing due to the lack of new capital — the issue of whether these institutions more financial or social, the world’s largest countries were sold in 2018.A distinctive feature of “coronavirus” the crisis is severe the role of monetary authorities, especially in developed countries, but such a massive show of support led to the fact that financial markets are even more separated from the real economy, says the report of the black sea Bank of trade and development (BSTDB) on the response to the crisis. It is with high degree of probability will lead to a rise in bad debts of banks, while budget deficits continue to grow. According to the forecast of the European Commission, in the Euro area the government debt will increase from 86% of GDP in 2019 to 103% of GDP in 2020, adjusted in the following year, only to 99%.Nevertheless, while the country encountered any difficulties in raising new loans in the market — growth spreads on the bonds were only observed in the beginning of the pandemic, and now the required return has declined significantly, particularly for sovereign borrowers. The stock market is rising today — investors expect V-shaped recovery of the economy, although no data supporting this hypothesis, no point in the Bank. There are two possible scenarios — either investors ‘ expectations are confirmed, or the markets are again waiting for a collapse, as during the March panic.In the black sea region the decline in GDP this year could reach 4.7%, growth next year is 2.5% (according to the IMF, minus 5% growth next year of 4%; the EBRD forecasts, minus 4% this year and an increase of 5% next year). Including Russia in the Bank predicts decline in GDP of 4.5%. This is a relatively mild assessment: the IMF suggest that Russia’s GDP will decline this year to 6.6%.All the countries of the region only in the form of fiscal support measures spent to fight the crisis 2-14% of GDP. Total is about $125 billion of 4.1–4.5% of GDP. In addition to increased spending on health and social support assistance is also reflected in the credit guarantee business and the deferred payment. International development banks during the crisis were at a crossroads: the demand for funding has increased, but resources remained the same. After the 2008 crisis, the state reduced the amount of government spending, whereas the activity of private investors also decreased against the desire to reduce debt — both factors increased the demand for financing from development banks, but this has led to the erosion of their capital adequacy ratios. Thus, in contrast to commercial banks, which provided additional liquidity, MDBs have not received the same support, notice in the Bank.Note that the conflicts around resource provision of international development institutions continue at least in the spring of 2018. Then the largest countries are unable to reach agreement on financing structures of the world Bank group International development Association International Bank for reconstruction and development and the International Finance Corporation (see “Kommersant” on 23 April 2018). Although the majority of the shareholders supported the recapitalization of the institutions of the WB group for $13 billion, their selective refocusing on the poorest countries has caused the disagreement of the Russian Federation and the United States, renounced its funding and resulting in reduced participation. Meanwhile, the Russian Finance Ministry had already warned that the practice of forced transfer of funds of development banks to fight poverty will result in a reduction of their projects in countries where these institutions earn a profit, and in the future will again cause problems with the capital, but was not heard.Tatiana Edovina, Oleg Boots