Coronavirus has plunged world into recession: IMF chief

Managing Director of International Monetary Fund (IMF) – Kristalina Georgieva – has asserted that the coronavirus pandemic has plunged the world into recession and was ‘way worse’ than the global financial crisis of 2008-09.

Addressing a joint press conference with World Bank president, IMF’s Managing Director said, “This is a crisis like no other,” adding, “We have witnessed the world economy coming to a standstill.”

Meanwhile, World Bank President David Malpass echoed her outlook and said, “Beyond the health impacts from the COVID-19 pandemic, we are expecting a major global recession.”

Kristalina Georgieva called on the advanced economies to step up their efforts to help emerging markets and developing countries survive the economic and health impact of the coronavirus in humanity’s darkest hour.

She further said that IMF was working with the World Bank and WHO to advance their call for China and other official bilateral creditors to suspend debt collections from the poorest countries for at least a year.

She also said that China had engaged “constructively” on the issue, and the IMF would work on a specific proposal in the coming weeks with the Paris Club of creditor nations.

So far, coronavirus has claimed lives of more than 53,000 and has affected more than 1 million people around the globe.