IMF announces $50B emergency fund for COVID-19 fight

IMF announces $50B emergency fund for COVID-19 fight

Global growth in 2020 to be below last year's level, IMF chief says

By Tuba Sahin

ANKARA (AA) - The International Monetary Fund (IMF) will provide $50 billion to help low income and emerging market countries deal with the coronavirus outbreak.

The amount will be made available through a rapid-disbursing emergency financing facility and $10 billion of it is available at zero interest for the poorest members, the global lender announced on Wednesday.

Speaking about the rapid spread of the disease, IMF's Managing Director Kristalina Georgieva said over one-third of the fund's member countries were directly affected.

"This is no longer a regional issue, it's a global problem calling for a global response," she stressed.

She explained that one-third of the economic losses from the COVID-19 outbreak would be direct costs such as loss of life, workplace closures, and quarantines.

Two-thirds, she added, would be indirect, including impacts on consumer confidence, business behavior, and financial markets.

"The good news is that financial systems are more resilient than before the global financial crisis. However, our biggest challenge right now is handling uncertainty," Georgieva said.

She added that global growth in 2020 would be below last year’s level.

“How far it will fall, and for how long, is difficult to predict, and would depend on the epidemic, but also on the timeliness and effectiveness of our actions,” the IMF chief noted.

On Tuesday, the World Bank announced $12 billion in immediate support for countries coping with the health and economic impacts of the COVID-19 outbreak.

The new coronavirus emerged in Wuhan, China, last December and has now spread to over 75 countries.

The global death toll is nearing 3,500, with more than 92,000 confirmed cases.

The World Health Organization, which had declared the outbreak an international health emergency, recently updated the global risk level to “very high”.

Kaynak:Source of News

This news has been read 243 times in total

ADD A COMMENT to TO THE NEWS
UYARI: Küfür, hakaret, rencide edici cümleler veya imalar, inançlara saldırı içeren, imla kuralları ile yazılmamış,
Türkçe karakter kullanılmayan ve büyük harflerle yazılmış yorumlar onaylanmamaktadır.
Previous and Next News