IMF announces $50 billion program for coronavirus relief

The International Monetary Fund Managing Director Kristalina Georgieva has announced a $50 billion aid package to help fight the coronavirus.

IMF Managing Director said that the money is available “immediately” and is for low-income and emerging market countries.

She also announced that most of the money will be interest-free, and countries do not need to have a pre-existing program with the IMF to participate.

She said, “What we’re doing right now is reviewing country by country what are the financial needs, and engaging with these countries to make sure they are aware of this resource and we can immediately respond to them.”

The novel coronavirus has claimed over 3000 lives around the world and more than 90,000 cases have been confirmed around the world.

Earlier on Monday, The World Bank announced a $12 billion program to help poor nations deal with the health and economic consequences of the epidemic.