IMF: Coronavirus caused an unprecedented economic crisis

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International Monetary Fund (IMF) President Kristalina Georgieva said the coronavirus caused an unprecedented economic crisis worldwide.

International Monetary Fund (IMF) President Kristalina Georgieva attended the press conference held at the World Health Organization’s (WHO) headquarters in Geneva, Switzerland via video conference.

Giving the message that they are ready to use the IMF’s $ 1 trillion financial capacity for countries affected by coronavirus, Georgieva said that more than 90 countries have sought assistance from them.

“The most vulnerable countries are developed countries”

Georgieva emphasized that the “most vulnerable” countries against the coronavirus are “countries with rising and developing economies”.

“We have never encountered such an increasing demand for urgent financing support so far,” said Georgieva, adding that the COVID-19 epidemic caused an “economic crisis much worse and unprecedented” than the 2008 global financial crisis.

Stressing that the world is going through a dark period, COVID-19 threatens the whole world, and therefore unity and solidarity is needed to protect the most vulnerable people, Georgieva said, “We have never witnessed that the world economy has come to such a standstill in the history of the IMF.”

“Beyond the health crisis”

Tedros Adhanom Ghebreyesus, WHO Director-General, thanked the IMF for its support for efforts to control the Kovid-19 pandemic.

Reminding that the number of confirmed COVID-19 cases in the world has exceeded 1 million and the number of those who lost their lives has exceeded 50 thousand, Ghebreyesus said, “But we know that this is much more than a health crisis. We are all aware of the deep social and economic consequences of the pandemic.”

Ghebreyesus stated that it is necessary to alleviate the debts of some countries in order to ensure their livelihood and to get rid of the economic collapse, and in this context, they cooperate with the IMF and the World Bank.

“We encourage such measures. This crisis requires an unprecedented crisis and unprecedented responsibility,” explaining Ghebreyesus, who said that many countries are happy to have a free COVID-19 test and treatment regardless of whether people have health insurance, citizenship or residence.

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