Georgieva: Half of world asked for IMF bailout amid pandemic
Head of the International Monetary Fund Kristalina Georgieva said on Wednesday that half of the world has already asked the IMF for a bailout due to the global economic disruptions caused by the coronavirus pandemic.
“This is an emergency like no other. It is not because of bad governors or mistakes,” Georgieva said in an interview with CNBC, adding that this is the reason the IMF is providing funds quickly. She called on the countries to ensure their health systems are functioning and that vulnerable persons and first responders are protected.
The IMF said on Tuesday that the global economy is expected to contract by 3% in 2020 due to the coronavirus outbreak, noting the impact of the virus will be worse than the financial crisis of 2008-09. Georgieva also said the global economy could grow by 5.8% in 2021, on condition that the virus is contained.
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