IMF Managing Director gives directions to Covid-19

Following a recent meeting of finance ministers and G20 central bank governors regarding the coronavirus pandemic, Managing Director of the International Monetary Fund (IMF), Kristalina Gueorguieva, said that a negative global growth in 2020 will be due to a recession as severe – if not worse – than the financial crisis of 2007-2008.

IMF emphasizes solidarity among member countries

Despite gloomy prospects for 2020 like the Brad Garlinghouse, Ripple CEO, Ms. Gueorguieva plans a resumed in 2021, provided that nations give priority to containing and strengthening their health systems to prevent further spread of the virus.

“All countries must work together to protect people and limit economic damage. We have to show solidarity. The economic impact is and will be severe, but the faster the virus stops, the faster and stronger the recovery. “

Collaboration and support, the watchwords of the IMF position

Gueorguieva said the IMF is now working closely with other international financial institutions, as nearly 80 countries have asked for help. The IMF also asks its members to help rebuild the Trust Fund for disaster containment and disaster relief, to help alleviate the economic impact of the health crisis on the most vulnerable countries.

“These are extraordinary circumstances. Many countries are already taking unprecedented steps. At the IMF, we will do the same, in collaboration with all our member countries. ”

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Gueorguieva says IMF is also ready to deploy its capacity to $ 1 trillion loan and plans to allocate its special monetary reserve currency to supplement aid to low and middle income countries.