Supporting and Restructuring Firms Hit by the COVID-19 Crisis


February 24, 2022, 9:00 AM to 10:00 AM EST
Virtual Event

Sean Hagan (PIIE), José Garrido (International Monetary Fund), Emanuel Kopp (International Monetary Fund), Patrick Honohan (PIIE) and Kristine Høegh-Omdal (Norwegian Ministry of Finance)

Event Summary

The Peterson Institute for International Economics (PIIE) will host a discussion on the upcoming release of the International Monetary Fund (IMF) Departmental Paper Policy Options for Supporting and Restructuring Firms Hit by the COVID-19 Crisis.

COVID-19 has negatively affected firms, particularly small and medium-sized enterprises, worldwide. Unprecedented policy measures have helped avoid a wave of insolvencies, at least temporarily. But risks remain: If untargeted support is prolonged, there is the risk of corporate debt overhang and zombification of firms, and if support is removed abruptly, there is the risk of a wave of insolvencies. A new International Monetary Fund (IMF) Departmental Paper offers lessons from past crises and principles that could guide efforts towards more targeted support to businesses where still needed. It also assesses how prepared countries' insolvency systems are to handle a large-scale restructuring of the enterprise sector, using a novel index that measures the crisis preparedness of countries' insolvency frameworks.

The event will begin with presentations by two of the report authors, followed by commentary. The event will conclude with a moderated Q&A and discussion with the audience.

Chair and Moderator:
Sean Hagan, Nonresident Senior Fellow, PIIE; Visiting Professor, Georgetown University Law Center


  • José Garrido, Senior Counsel, Financial and Fiscal Law Unit of the Legal Department, IMF
  • Emanuel Kopp, Senior Economist, Strategy, Policy, and Review Department, IMF


  • Patrick Honohan, Nonresident Senior Fellow, PIIE
  • Kristine Høegh-Omdal, Deputy Director General, Norwegian Ministry of Finance