Most low-income countries (LICs) recovered swiftly from the 2008-9 global crisis and have grown strongly since early 2010. But progress in rebuilding macroeconomic buffers has been slow, and the LICs are now less well prepared to deal with external shocks than they were before the crisis. At a time when the risks to the global outlook are intensifying, a new IMF study finds that many LICs would struggle to cope with a renewed global downturn. In a second report, the IMF and World Bank explore the role contingent financial instruments—such as commodity hedging, contingent debt, and insurance—could play to help LICs manage global volatility. IMF staff will present the key findings of these studies, highlighting the policy implications for LICs and the international community, with comments by expert discussants to follow.