IMF (Photo: REUTERS/Yuri Gripas) IMF (Photo: REUTERS/Yuri Gripas)

Speaking on a joint online conference between the IMF and the World Health Organization, IMF Managing Director Kristalina Georgieva said that the world had never before faced a situation in which the entire global economy had been brought to a complete standstill. She added that the world is in the midst of a crisis that is many times worse than the financial crisis of 2008. Georgieva went on to say that the hardest hit were emerging and growing markets, which have lost some 90 billion dollars due to the corona-crisis. She expressed specific concern that the pandemic could overturn recent economic growth among African countries.

The IMF director announced that her organization would draw on its one billion dollars in reserves earmarked for emergency situations to address the extraordinary situation and provide assistance to the hardest hit economies.

The Director-General of the World Health Organization Tedros Adhanom Ghebreyesus called on all countries to suspend payments for medical services and secure free testing and care for Covida-19. He added that a group of donor countries have already agreed to pay some 690 million dollars into the WHO’s planned response to Covid-19, which is more than the 675 million dollars originally sought by the organization.
 
Source: HRT