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Clear We Have Entered Recession, It Will Be Worse Than 2009: IMF Chief

With the worldwide economic “sudden stop,” Georgieva said the fund’s estimate “for the overall financial needs of emerging markets is $2.5 trillion.”

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Raghwendra Shukla
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IMF chief Kristalina Georgieva( Photo Credit : IANS)

The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief Kristalina Georgieva said Friday.

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“It is clear that we have entered a recession” that will be worse than in 2009 following the global financial crisis, she said in an online press briefing.

With the worldwide economic “sudden stop,” Georgieva said the fund’s estimate “for the overall financial needs of emerging markets is $2.5 trillion.” But she warned that “we believe this is on the lower end.” Over 80 countries already have requested emergency aid from the International Monetary Fund.

Covid19 CoronaVirus IMF Kristalina Georgieva