Home 5 News 5 ACFID News 5 COVID-19 fallout: How NGOs can navigate project funding impacts

COVID-19 fallout: How NGOs can navigate project funding impacts

Jul 10, 2020 | ACFID News

ACFID 2022-23 Supplementary Federal Budget Analysis

COVID-19 has brought about unforeseen market volatility to currency markets, both major and exotic. These effects have been as swift as they have been severe, but their lasting effects will be seen for years to come.

Given this situation, ACFID is partnering with StoneX Global Payments (formerly INTL FCStone) for an upcoming webinar to delve into this issue. This event will guide members through this uncertain period, helping to understand what impacts this pandemic has had on their international project funding – not just now, but into the future.

Delving into how we have reached this disruption, StoneX’s Asia Head of Global Payments, Thiago Vieira, tells ACFID:

“As the pandemic spread across the Asia in early 2020 and nations moved to lock down their residents, so too their financial systems ability to efficiently clear payments. Given that in many cases exotic markets still depend heavily on manual processing to send, receive and reconcile payments, the reduction in operating hours meant we saw countries such as Nepal and Philippines reduce or even bring to a halt their operating hours, resulting in delayed payment delivery times.”

For many NGOs working in these regions, this has meant that their payments are unable to get where they are needed most, at a time when the need is more critical than ever. Thiago continues:

“As the pandemic spread further across the globe we observed more nations go into lockdown and reduce their trading hours, however oddly their ability to process payments efficiently continued in most places, this we found was because banks treasury functions were quite often the last departments to cease operations. Most markets today continue to operate efficiently granted the impacts on currency markets has been more dramatic.”

The value of the Australian dollar took a dramatic fall when the pandemic hit global markets – mostly due to the strong ties to China and the initial impact there. For many charities, this has meant that funding projects overseas saw a far lower impact for donor funds. Timothy Peng, StoneX’s Asia Head of Trading, describes this different landscape:

“Amazingly by June, we have seen a return to the December highs showing the resiliency and volatility that exists in major currency markets, while other emerging market currencies have been a mixed bag over these six months.”

ACFID recently took a deeper look into these issues with industry experts Thiago, Timothy, plus StoneX’s Head of Business Development (Global Payments) Australia and New Zealand, Michael Stachowiak, with a learning webinar. You can view a recording of the session on ACFID’s YouTube channel.

Disclaimer
StoneX (formerly INTL FCStone) is a financial corporate partner of ACFID.

Header photo
Government official in Laos. Photo: Department of Foreign Affairs and Trade.

About StoneX
Our Global Payments business unit sits within the heart of StoneX Group’s ability to provide clients with access to and payments capabilities in 175 foreign currency markets. We’ve made the change because we believe that “StoneX” communicates more accurately our core value proposition of connecting our clients to the global financial markets through an institutional-grade experience across our digital platforms, clearing and execution services, and high-touch expertise. Beyond our new name, we’re still the same company, with the same commitment to meeting the needs of ACFID’s members.

StoneX is a trading name of INTL FCStone Ltd across the APAC region.2020 ©INTL FCStone Ltd (Company). All rights reserved. The Company is registered in England and Wales with company number 5616586 and is authorised and regulated by the Financial Conduct Authority FRN446717. This document and the information herein is provided confidentially for information purposes only to the recipient and shall not be deemed to be an offer for the sale or purchase of any financial services product transaction or advice. This information is provided on an ‘as-is’ basis and may contain statements and opinions of the Company as well as excerpts and/or information from public sources and third parties to which no warranty, whether express or implied, is given as to its accuracy. The Company (on its behalf and on behalf of its group, directors, employees and agents) disclaims any and all liability as well as any third party claim that may arise from the accuracy and completeness of the information detailed herein, as well as the use of or reliance on this information by the recipient, any member of its group or any third party.

About

A woman in a brightly coloured scarf peers through coffee bean bushes on either side of her.

Annual Report 2021-22

Reporting on ACFID’s activities to ensure transparency and accountability

ACFID

ACFID is the peak body for Australian NGOs involved in international development and humanitarian action.

Our PARTNERSHIPS

ACFID works and engages with a range of strategic partners in addition to our members.

GOVERNANCE

ACFID is governed by its Board, ACFID Council, and various expert and governance committees.

Members

Conference

Conference 2022

HEALTHY PLANET, HEALTHY COMMUNITIES.

Acting with evidence, equity and inclusion for a resilient future.

Meet our Members

The ACFID membership is comprised of Australian NGOs that actively work in the international aid and development sector.

Become a member

Joining ACFID means joining an experienced and powerful mix of like-minded organisations committed to good international development practice.

Membership types & fees

ACFID has two types of organisational membership: Full Membership and Affiliate Membership.

State of the Sector

The State of the Sector Report provides a comprehensive and robust analysis of the state of the Australian aid and development sector.

NGO Aid Map

ACFID’s NGO Aid Map allows the Australian public and stakeholders to explore the work of ACFID Members around the world.

Development Practice Committee

The DPC is an expert advisory group of development practitioners leading good practice within the sector.

Our Focus

Budget Analysis

Federal Budget 2022 Analysis

Facts and figures on how aid is presented in this year’s annual budget

Strategic Plan

ACFID prioritises a robust response to climate change and pressure on civil society in developing countries, as well as other key priorities.

Emergency Aid

ACFID Members provide vital life-saving assistance in the immediate aftermath of an emergency.

Climate Change

Action on climate change is one of ACFID’s highest priorities, as it is an existential threat to humanity and our development.

Civil Society

Civil societies are a cornerstone of regional stability and ensure that the voices of the marginalised are heard.

Supporting NGOS

Supporting NGOs as Valuable Partners.

Inclusive & locally led development

Walking the talk on inclusive development.

Humanitarian Action

Taking humanitarian action for those in greatest need.

Elevating Development

Elevating Development to the Heart of Australia’s International Engagement.

PSEAH

Improving standards, practice and culture to prevent and respond to sexual exploitation, abuse and harassment.

Code of Conduct

A small girl stands in front of a multi-coloured finger paint artwork, with a blue paint covered hand

2022-23 ACFID Code of Conduct Review

The ACFID Code of Conduct is periodically reviewed to ensure it continues to reflect good practice and the needs of ACFID and its members.

Code of Conduct

The Code is a voluntary, self-regulatory industry code of good practice.

About the Code

Find out more about the Code of Conduct and how it operates.

Good Practice Toolkit

Overview and practical resources, and examples to support the implementation of the Code.

Spotlight on the Code

Provides a thematic ‘deep dive’ into each of the nine Quality Principles in the Code

Compliance

This section outlines the responsibility to be taken by each Member to ensure compliance with the Code.

Complaints Handling

How to make a complaint and information on the Code’s independent mechanism to address concerns relating to an ACFID Members’ conduct.

Other Standards

Mapping the Code with other professional standards and principles in the humanitarian and aid sector in Australia and internationally

Loading...