IMF cautions 2020 downturn could be more regrettable than 2009 in view of coronavirus as almost 80 nations demand financial help

IMF cautions 2020 downturn could be more regrettable than 2009 in view of coronavirus as almost 80 nations demand financial help

The International Monetary Fund, chief Kristalina Georgieva called on advanced economies to provide more support to low income countries, which face a massive outflow of capital,

IMF Boss on Monday warned that people should brace up for a recession which could be far worse than what global markets suffered in 2009, due to the coronavirus pandemic ravaging the world.

The economic impact is and will be severe, but the faster the virus stops, the quicker and stronger the recovery will be.

Georgieva said, “The human costs of the coronavirus pandemic are already immeasurable and all countries need to work together to protect people and limit the economic damage.”

IMF also pledging that the IMF is ready to give out all of it’s 1 trillion dollars fund to stem the financial crisis that could be brought by Coronavirus.

‘The IMF’s outlook for global growth in 2020 is negative a recession at least as bad as during the global financial crisis or worse.

According to the IMF nearly 80 countries around the world requested the IMF’s help amid the coronavirus crisis.

‘The IMF stands ready to deploy its entire $1 trillion lending capacity”

”For a swift recovery to be achieved, it is paramount that people everywhere prioritize containment and strengthen health systems, she said.

“The economic impact is and will be severe, but the faster the virus stops, the quicker and stronger the recovery will be.”

“Investors have already removed $83 billion from emerging markets since the beginning of the crisis, the largest capital outflow ever recorded,”.

 

 

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