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IMF Head speaks on current state of world’s economic crisis

Source : 112 Ukraine

According to Kristalina Georgieva, the Fund, in cooperation with the World Bank and other international financial institutions, is working on measures that would allow mitigating economic losses
12:56, 6 April 2020

EPA

The current economic crisis, caused by the coronavirus pandemic, is even worse than the global crisis of 2008-2009. It was stated by the Managing Director of the International Monetary Fund Kristalina Georgieva during a press conference following a meeting with representatives of the World Health Organization (WHO), Interfax-Ukraine reports.

"Never in the history of the IMF, we have witnessed the world economy coming to a standstill. We are now in recession. It is way worse than the global financial crisis. And it is a crisis that requires all of us to come together. WHO is there to protect the health of people; the IMF is there to protect the health of the world economy; they both are under siege. And only united we can do our duties," she said.

Related: Coronavirus to lead to largest economic crisis since WWII, - UN Secretary General

According to her, the IMF is working together with the World Bank and other international financial institutions, bringing the world together to provide protection against this crisis.

According to Georgieva, already over 90 countries have been placing requests to the IMF. The outflow of funds from emerging markets is nearly 90 billion dollars.

"The highest risk we see is a wave of bankruptcies and layoffs that would make the recovery from this crisis harder," the IMF head added. 

As we reported earlier, the International Monetary Fund expects Ukraine to adopt amendments to the state budget for 2020. 

Related: Ukraine to sign extended funding memorandum with IMF in coming weeks, - Zelensky

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