WASHINGTON: International Monetary Fund (IMF) President Kristalina Georgieva warned on Tuesday that she expects a global recession this year due to the Coronavirus (Covid-19) outbreak.
In a statement released by her office in Washington, the IMF chief said that since the breakout, 80 countries had sought help from the Fund to cope with its consequences.
The statement followed a meeting of the G20 finance ministers and Central Bank governors that took place online due to the Corona scare. The group represents the world’s 20 most influential nations.
Another statement said that G20 finance ministers and central bank governors also conceded that the global economy was heading to a recession and that “coordinated fiscal action” was needed to deal with this crisis.
Ms Georgieva said the IMF was focusing on policy actions to reduce the impact of this crisis and was ready to assist those needing financial support.
“We will massively step up emergency finance — nearly 80 countries are requesting our help — and we are working closely with the other international financial institutions to provide a strong coordinated response,” she said.
