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IMF asks G20 to back doubling of its emergency financing to fight coronavirus

Reuters | Updated: 26-03-2020 21:26 IST | Created: 26-03-2020 21:10 IST
IMF asks G20 to back doubling of its emergency financing to fight coronavirus
Representative image Image Credit: ANI

The International Monetary Fund on Thursday asked G20 leaders to back a doubling of its emergency financing capacity to strengthen its response to the rapidly spreading coronavirus pandemic that is set to cause a global recession in 2020.

IMF Managing Director Kristalina Georgieva, in a statement to leaders of the world's 20 largest economies, said the depth of the economic contraction and the speed of the recovery depended on containment of pandemic and "how strong and coordinated our monetary and fiscal policy actions are." She said it was paramount to support emerging markets and developing economies, which were particularly hard hit by the crisis, sudden economic stops, capital flight and, for some, sharp drops in commodity prices.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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