IMF President Warns a Global Recession Amid COVID-19

The President of International Monetary Fund (IMF) Kristalina Georgieva warned a global recession this year amid coronavirus.

In a recent online meeting with G20 finance ministers and Central Bank governors, she said that 80 countries had sought help from the IMF since the coronavirus outbreak.

As per Ms. Kristalina Georgieva, IMF was primarily focusing on policy actions to diminish the effects of this crisis and was ready to financially support the needy countries.

She said, “We will massively step up emergency finance — nearly 80 countries are requesting our help — and we are working closely with the other international financial institutions to provide a strong coordinated response.”

“The outlook for global growth is negative for 2020, and perhaps a worse recession is expected, as in the time of the global financial crisis. We expect the recovery in 2021,” Ms. Georgieva added.

She remarked that all the governments should prioritize the efforts to control the current situations including the provision of health facilities to the masses in the countries amid coronavirus.

“The economic impact of the epidemic will be severe” too and the recovery could be fast and strong, only if the virus was stopped quickly,” she warned.

She identified the countries that need extraordinary financial support to improve the health system and protect the workers and businesses affected by the pandemic.

Ms. Georgieva noted that the international community that the Fund was ready to use its $ 1 trillion credit capacity to combat the epidemic.

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