The International Monetary Fund (IMF) has noted that the global economy is already in a recession propelled by COVID19 outbreak. The fund’s Managing Director Kristalina Georgieva said that the depth and length of the recession will depend on containing the virus and having a coordinated response to the pandemic.
She reiterated IMF’s commitment to take measures to combat the economic turmoil caused by COVID19 and contain its spread. The IMF stands ready’ to use it $1 trillion lending capacity to help countries beaten economically by COVID19 and struggling with humanitarian management.
Moreover, the assistance will help emerging and developing nations with immediate debt relief, which will free up vital resources for health spending, containment, and mitigation.
Kristalina remains optimistic that global leaders are coordinating efforts to contain COVID19 through a clearer understanding that the pandemic should be beaten everywhere.