World Bank and Other Banks Mobilise $200 Billion to Help Countries Respond to Pandemic – IMF

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On 14 April, the IMF said in its latest World Economic Outlook that global economic growth is expected to slow by more than 6 percent, reaching -3.0 percent in 2020 as a result of the COVID-19 pandemic.

Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), said in a statement that the World Bank and other multilateral development banks are mobilising $200 billion to help countries respond to the COVID-19 pandemic.

Georgieva stated earlier in the day that the IMF this year will delay the release of its External Sector Report because of the pandemic crisis.

She also stressed that the IMF is set to help member states strengthen their policies to respond to the COVID-19 pandemic and create conditions for economic recovery.

The IMF’s managing director further elaborated that the current crisis will add to the already-high public debt levels in a lot of nations, adding that the IMF is prepared to help member states resolve unsustainable debt situations.

Earlier in April, Georgieva said that the COVID-19 pandemic has caused a world-wide recession and its effects will be worse than the financial crisis of 2008.

On 11 March, the World Health Organisation declared the coronavirus outbreak a pandemic. According to the latest WHO data, more than 1,844,000 cases of COVID-19 have been registered in the world, and over 117,000 people have died from the disease.

Sourse: sputniknews.com

World Bank and Other Banks Mobilise $200 Billion to Help Countries Respond to Pandemic – IMF

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