This document provides information about an economics convention hosted by the Department of Economics at a College of Vocational Studies. In the convention, teams will be assigned countries and must draft policy blueprints to boost economic growth in their nations and convince the IMF to provide debt funding. The purpose is for teams to develop policies addressing the current economic challenges faced by developing countries as a result of the ongoing war between Russia and Ukraine. Teams will have 90 minutes to research and prepare presentations outlining their policy solutions, which will be judged based on relevance, feasibility, and presentation quality. The top 3 teams will receive IMF debt funding based on the criteria.
2. ABOUT THE EVENT
THIS CONVENTION IS BASED ON FORMULATION OF POLICIES
WHEREIN THE TEAMS ALLOTED WITH VARIOUS COUNTRIES HAVE TO
DRAFT A BLUEPRINT TO BOOST ECONOMIC GROWTH IN THIER
RESPECTIVE NATIONS. MOREOVER, THEY HAVE TO CONVINCE THE
INTERNATIONAL MONETARY FUND THAT THEY WOULD BE ABLE TO
PAY BACK DEBT THEY'RE BORROWING THROUGH THESE POLICIES
3. BACKGROUND
As the world economy was recovering from the effects of the
pandemic at the beginning of 2022, another shock had an impact
on various economies around the world. Just when Ukraine was
about to join NATO, another nation‘s dominance was at stake. This
is when Ukraine was invaded by Russia, one of the strongest
nations around the world.
This war has been going on for an year now and has affected the
economic situation of many developing countries.
There have been inflationary pressures across the world along with
disruption of supply chain of various commodities.
Both Russia and Ukraine are major exporters of a number of goods.
Agencies like UN have failed to stop the war and a number of
developed countries have tried to cut ties with the Russian
economy in various ways.
The United States of America has imposed sanctions on Russia
both financially and non financially.
4. BACKGROUND
Russia is the world's largest exporter of oil to global markets and the
second largest crude oil exporter after Saudi Arabia.
A lot of developing countries are dependent on Russia for their energy
requirements but with the outbreak of the war accompanied with
disrupted supply chain has caused problems around the world.
This has led the developing countries to face a lot of challenges to meet
their energy needs.
These developing countries are forced the import the more expensive oil
from Saudi Arabia and which is acting as a barrier to their economic
growth.
the currencies of these economies have also depreciated in this period.
Moreover, the dollar continues to strengthen in the world even when
other currencies haven’t appreciated much.
This has led to the forex reserves of many developing countries to
deplete over time and they are in a dire need of funds
5. PURPOSE OF THE MEET
IMF has called an urgent meeting with 8 member countries
and has offered to fund the country which implements the
best policies to promote growth and create a self sufficient
economy capable of paying back the debt.
The economies should focus on both individual economic
problems and should accommodate word economic
problems as a whole. Some world economic issues are can
be linked to increase in output without damaging the
environment. The economies are supposed to identify such
possibilities and include them in their policies.
6. WHAT'S NEXT
Participating teams are alloted with various developing
countries as well as their economic situation after the Russian
war.
The participant countries have to form Policies for their
respective countries which focus on multiple goals such as
Economic growth, sustainability and any other important
macroeconomic indicator despite the prevailing conditions.
To assist them, IMF is providing few countries with the
required Funds in debt.
Only 3 teams will be funded by the IMF on the basis of the
criteria set by them
7. WHAT'S NEXT
The teams are supposed to submit their policies in the form of
a presentation
The presentation should cover at least: The economic issues of
the allotted country, the economic effects of war, the global
economic situation
The policies should be well explained and the teams should
focus on explaining how the policy will help their economy to
grow while also considering situations presented to them at
the beginning of the competition
The teams also have to present their policies in front of the
judges.
Time alloted for research and making the presentation: 90
minutes
Time allotted for presenting in front of the judges: 5 minutes
There will be a QnA round of 2 minutes as well
8. Research work
Relevance of the policy to the given problem
How they tackle questions given by judges
Feasibility of policy they made
PowerPoint Presentation
Presentation to the judges
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JUDGEMENT CRITERIA
