IMF chief Kristalina Georgieva has said that the global coronavirus pandemic has inflicted an economic crisis unlike any in the past century and will require a massive response to ensure recovery. IMF Chief said the warnings about the damage inflicted by the virus already were stark, the world should brace for the worst economic fallout since the Great Depression. Ms. Georgieva said International Monetary Fund expects ‘global growth will turn sharply negative in 2020,’ with 170 of the fund’s 180 members experiencing a decline in per capita income.
The IMF will release its latest World Economic Outlook next week , with grim forecasts for its members this year and next. Earlier, the IMF projected global growth of 3.3 percent this year and 3.4 percent in 2021.
Meanwhile, the IMF board approved a doubling of emergency lending facilities that will provide about 100 billion dollars, and is moving ahead with debt relief for the poorest countries and also help for countries with unsustainable debt levels.
source: News On Air