Second, for those not qualifying for the new instrument, the Fund s workhorse lending facility, the Stand By Arrangement, will be made more flexible along several dimensions.

China, for its part, has become a major workhorse of globalization an assembly hub for inputs produced by multi country supply chains and an offshore efficiency solution for hard pressed Western multinational corporations.

Second, for those not qualifying for the new instrument, the Fund s workhorse lending facility, the Stand By Arrangement, will be made more flexible along several dimensions. These include permitting high financial access even before a crisis materializes, and allowing disbursements to be more front loaded.