Impact of Corona virus / Head of International Monetary Fund said - World's economy is going to recession, situation will be bad from 2009

·      IMF Chief said- $ 2.5 trillion may be needed to rescue developing countries from the current economic crisis.

·      In the last few weeks, $ 83 billion of capital was released from emerging markets, 80 countries have already sought emergency help.

The Economic News:-

Coronavirus has pushed the world's economy into recession. Christelina Georgieva, head of the International Monetary Fund, said this after a meeting with the Washington-based Landers Steering Committee on Friday. The IMF Chief said- It is clear that the world economy is in the grip of recession and the situation is worse than 2009. In the current situation, developing countries will need large funds to overcome this. Initial estimates put the amount at $ 2.5 trillion. However, he cautioned that this is an initial estimate and that the amount may increase.








Kovid-19 worsens the condition of many emerging economies

Georgiwa further said that the situation of many emerging economies is bad due to Kovid-19. In the last few weeks, about $ 83 billion of capital has been exited from these markets. Countries already burdened with debt cannot get out of it due to domestic resources. Already 80 low-income countries have sought emergency help from the IMF. He further said that we know that their reserves and domestic resources will prove insufficient. In such a situation, the IMF will have to work fast to deal with this situation and take unprecedented steps which have not been taken earlier.








IMF chief seeks additional $ 50 billion in aid from Landers Committee

The IMF chief requested the Landers Steering Committee to put an additional $ 50 billion in funds to deal with emergencies. He also welcomed the $ 2.2 trillion economic package approved by the US Senate to deal with the situation arising out of Corona. He said that in the current situation, in which the economic activity has stopped, it was very important to support the world's largest economy.