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Coronavirus:Global economy now in recession -IMF chief Kristalina

The International Monetary Fund { IMF} Boss, Kristalina Georgieva has alerted the world leaders that global economy is stuck in an unprecedented kind of recession that necessitates international cooperation due to COVID-19.

This comes days after the international body said it “stands ready” to use its $1 trillion lending capacity to help countries around the world that are struggling with the humanitarian and economic impact of the novel coronavirus.

The IMF stands ready to use its U.S. $1 trillion financial capacity to support its member countries,”

She praise the decision of the United States government to adopt a $2 trillion COVID-19 economic stimulus package. She noted that it is “absolutely necessary to cushion the world’s largest economy against an abrupt fall in activity.”

Bulgarian economist made this known during a press briefing over the weekend, and said that she was pleased to see world leaders finally realizing that only a coordinated effort will help halt the spread of the novel coronavirus.

“We have stated that the world is now in recession and that the length and depth of this recession depend on two things: Containing the virus and having an effective, coordinated response to the crisis.

Countries are doing all they can on the fiscal and on the monetary front. We have heard from our members’ very impressive decisions taken over the last days,” the IMF chief said.

Georgieva also went on to mention China and stated that China’s economic recovery after the coronavirus outbreak is very important for the world because of China’s share in the world economy.

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