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COVID-19: ‘2020 recession could be worse than 2009, nearly 80 countries request financial help’ -IMF

By Aishat Salihu

Due to the coronavirus pandemic ravaging the world, the International Monetary Fund on Monday warned that people should brace up for a recession which could be far worse than what global markets suffered in 2009.

IMF chief Kristalina Georgieva called on advanced economies and bigger countries to provide more support to low income countries while also pledging that the IMF is ready to give out all of it’s 1 trillion dollars fund to stem the financial crisis that could be brought by Coronavirus.

According to the IMF nearly 80 countries around the world requested the IMF’s help amid the coronavirus crisis.

Responding to finance ministers from the Group of 20 nations on Monday, Georgieva said;

”The IMF’s outlook for global growth in 2020 is negative a recession at least as bad as during the global financial crisis or worse, but we expect recovery in 2021.”

”For a swift recovery to be achieved, it is paramount that people everywhere prioritize containment and strengthen health systems, she added.

IMF Chief in her statement said, “the economic impact is and will be severe, but the faster the virus stops, the quicker and stronger the recovery will be.”

“These bold efforts are not only in the interest of each country, but of the global economy as a whole. Even more will be needed, especially on the fiscal front”

”The IMF stands ready to deploy its entire $1 trillion lending capacity”

”It is also replenishing its Catastrophe Containment and Relief Trust to help the poorest countries, and looking at all other available options to support its members”.

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