Two pieces of good news for emerging markets today. One is that the IMF has just announced a new short-term liquidity facility (SLF), which will provide certain countries quick-disbursing assistance with minimal conditionality up to five times their quotas. The other is that the Fed has announced an extension of its swap arrangements to four emerging market economies (Mexico, South Korea, Brazil, and Singapore). This is exactly the kind of initiative that is needed, but two questions remain. Will the amounts involved be enough? And what will happen to countries that are not named in the Fed program or will not qualify for the IMF's new facility?