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IMF ready to spend a trillion to fight the crisis

IMF ready to spend a trillion to fight the crisis

Most of all, developing countries suffer from a lack of resources to counter the crisis; during the 2008–2009 crisis, the situation was better.

The International Monetary Fund is ready to use its entire reserve fund in the amount of one trillion dollars to help countries overcome the crisis caused by the coronavirus pandemic, said fund managing director Kristalina Georgieva.

“In fact, never before in the 75-year history of our fund have so many countries needed emergency funding — 85 countries have already approached us, all at the same time,” the head of the IMF said.

She noted that developing countries suffer the most due to a lack of resources to counter the crisis.

According to her, during the crisis of 2008-2009, the situation was better. “We have never seen in the history of the IMF that the world economy stopped. We are in a recession, it is much worse than the global economic crisis,” said Georgieva.

Recall that the IMF announced an almost complete stoppage of the global economy.

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