COVID-19: More than 90 countries ask IMF for emergency fundsEuropost
More than 90 countries have asked the International Monetary Fund for emergency funding as the coronavirus pandemic has led to an unprecedented economic crisis, IMF chief Kristalina Georgieva said on Friday.
"Never in the history of the IMF we have witnessed the world economy come to a standstill," the head of the Washington-based institution said in a online press conference of the World Health Organization (WHO), dpa reported. "We are now in recession. It is way worse than the global financial crisis," Georgieva added.
She said emerging and developing economies were hit the hardest and had seen a financial outflow of nearly $90bn.The IMF is especially worried that recent economic growth in African countries could be reversed by the pandemic.
Georgieva said the IMF would use its 1-trillion-dollar war chest to help distressed economies, including African countries that would otherwise have to chose between feeding their populations or fighting the novel coronavirus.