//Coronavirus, a global issue – IMF, Heads of the World Bank

Coronavirus, a global issue – IMF, Heads of the World Bank

The International Monetary Fund, (IMF) and World Bank Group on Wednesday announced other measures to curb the impact of the coronavirus on the world’s economy and health.

“We know the disease is spreading quickly with over one-third of our membership affected directly. This is no longer a regional issue. It is a global problem calling for a global response,” Kristalina Georgieva, Managing Director, IMF said.

The World Bank and IMF have announced the availability of over $60 billion in resources to member state

President of World Bank Group, David Malpass on his part said the need for efforts in the wake of this epidemic: “It’s a 12-billion-dollar package of which 6 billion dollars is IBRD and IDA, and that enables and allows special protection for poor countries.

“And then there’s also 6 billion dollars from the International Finance Corporation. That’s critical because it’s private sector financing, it’s fast acting and it takes the form of trade finance and working capital finance, which are some of the most needed services that can be provided during this crisis.”

The World Bank Group aims to provide sufficient help for developing countries which are particularly vulnerable to the coronavirus outbreak with additional packages and measures, Malpass added.