City
Epaper

IMF urges countries to spend all they can during coronavirus pandemic

By ANI | Updated: April 16, 2020 15:45 IST

IMF Managing Director Kristalina Georgieva has outlined the difficult economic environment countries are facing because of the COVID-19 epidemic and her global plan of action to take it on.

Open in App
IMF Managing Director Kristalina Georgieva has outlined the difficult economic environment countries are facing because of the COVID-19 epidemic and her global plan of action to take it on.

"It is a crisis like no other in scope. We are now in the worst recession since the Great Depression," she said at a virtual press conference to open the 2020 Spring Meetings on Wednesday (local time).

"We are experiencing a 3 per cent contraction of global GDP. And 170 countries are going to see income per capita falling versus what we expected three months ago for a 160 for them to go up."

Georgieva encouraged leaders to protect lives and livelihoods during this difficult phase. Lifelines for households and businesses should be provided to prepare for the time of recovery, she said.

"Making sure that our financial system continues to function -- it matters. And what we have seen is central banks providing ample liquidity. Eight trillion dollars of fiscal measures. So our message is: spend as much as you can but keep the receipts. We do not want accountability and transparency to take a backseat in this crisis."

Georgieva compared the increased vulnerability of people with preconditions to the vulnerability of economies that already had preexisting difficulties prior to the pandemic.

"It is a really difficult time for everybody. But in particular, it is difficult for countries that already stepped into this crisis with complex challenges. The same way the virus hits people with existing preconditions that are more vulnerable, the hardest. It hits economies with pre-existing difficulties, the hardest."

Georgieva reiterated that the International Monetary Fund (IMF) will look at all options to help countries in need. "The IMF will support its member countries as they confront the post-crisis challenges, including debt vulnerabilities, bankruptcies, unemployment, and economic inequality," she said.

"We are telling everybody: do all you can. And I just want to assure you that we are following ourselves on our own advice. Everything is on the table in terms of measures we can take. What we do is: first, do all we can with the resources we have. Second, make sure that there are no gaps in what we have to be of service to the membership."

( With inputs from ANI )

Tags: International Monetary FundKristalina Georgieva
Open in App

Related Stories

NationalIndia Opposes Asian Development Bank Providing Financial Support to Pakistan

InternationalSri Lanka Sets Crucial Presidential Poll for September 21

BusinessIMF Chief Georgieva Discusses AI's Role in Productivity, Wages, and Job Security

InternationalIndia and France have agreed to use UPI in France: PM Modi

InternationalIMF finally approves $3bn bailout for Pakistan

Business Realted Stories

BusinessTrump's additional 25% tariff on Indian goods may now hit India's GDP growth in FY26 by 0.4%: Economists

BusinessNearly $30 billion in Indian exports secure from Trump's 50 pc tariff so far

BusinessUS tariffs: India must seize this moment to become greater than ever, says Anand Mahindra

Business Trump singles out India for punitive 25 per cent additional tariff for buying Russian oil

BusinessIndia points finger at China, Turkey after Trump slaps additional 25% tariff due to Russian oil imports