Executive Directors of the International Monetary Fund (IMF) have observed that, although the [Global Financial] crisis had started in advanced economies, it had a pronounced impact on many emerging market countries, reflecting contagion and spillover effects across countries and economic sectors. Along with improved fundamentals in many of these countries and appropriate use of available policy space, coordinated measures to stimulate growth in advanced economies and the availability of large international financial support, including from the Fund, have helped emerging markets cope with the crisis and paved the way for recovery.