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Business Economy 03 Apr 2020 Coronavirus pandemic ...

Coronavirus pandemic has brought world economy to a standstill: IMF

AP
Published Apr 3, 2020, 11:44 pm IST
Updated Apr 3, 2020, 11:44 pm IST
It is way worse than the global financial crisis and it is a crisis that requires all of us to come together
 Doctors work at a temporary field hospital set in Ifema convention and exhibition in Madrid, Spain. AP photo
  Doctors work at a temporary field hospital set in Ifema convention and exhibition in Madrid, Spain. AP photo

Geneva: The head of the International Monetary Fund says the recession sparked by the coronavirus pandemic is “way worse” than the 2008 global recession.

IMF managing director Kristalina Georgieva is describing the situation as “a crisis like no other.”

 

“Never in the history of the IMF have we witnessed the world economy coming to a standstill,” she said. “We are now in recession, it is way worse than the global financial crisis and it is a crisis that requires all of us to come together."

Georgieva says 90 countries have already approached the institution for emergency financing.

She is calling on countries to prioritize health expenditures and to make sure doctors, nurses and other health workers are paid. She adds that the world's most fragile countries must be protected, noting that “USD 90 billion have flown out” and damaged emerging economies.

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