IMF's Georgieva urges countries to "go big" with coronavirus rescue spending

Countries around the world must respond with a "very massive deployment" of resources to contain unprecedented damage from the coronavirus pandemic and lay groundwork for a strong recovery, the head of the International Monetary Fund told Reuters on Friday.

IMF Managing Director Kristalina Georgieva said she was particularly concerned about emerging markets and developing countries who had seen $83 billion in capital outflows, adding that they need upwards of $2.5 trillion in financial resources to recover from virus-related disruptions.

IMF member countries had encouraged the Fund to focus its efforts on steps that could be done quickly, including a doubling of emergency financing to $100 billion and creation of a new short-term liquidity facility, she said in an interview.