The coronavirus pandemic has brought the global economy to a standstill and plunged the world into a recession that will be 'way worse' than the global financial crisis a decade ago, the head of the International Monetary Fund said on Friday, calling it 'humanity's darkest hour.'
WASHINGTON/GENEVA - The coronavirus pandemic has brought the global economy to a standstill and plunged the world into a recession that will be “way worse” than the global financial crisis a decade ago, the head of the International Monetary Fund said on Friday, calling it “humanity’s darkest hour.”
World Bank President David Malpass echoed her outlook in a post on LinkedIn, writing, “Beyond the health impacts from the COVID-19 pandemic, we are expecting a major global recession.” She said China had engaged “constructively” on the issue, and the IMF would work on a specific proposal in coming weeks with the Paris Club of creditor nations, the Group of 20 major economies and the World Bank for review at the annual Spring Meetings, which will be held online in about two weeks.In his posting, Malpass said a debt standstill could begin on May 1, providing added liquidity for the poorest countries as they battle the disease.
Georgieva said the IMF stood ready to use as much of its “war chest” of $1 trillion in financing capability as needed. “This is, in my lifetime, humanity’s darkest hour - a big threat to the whole world - and it requires from us to stand tall, be united, and protect the most vulnerable of our fellow citizens,” she said.
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