IMF Chef: The World Economy is in Recession now

The global economy is currently in decline, due to the coronavirus pandemic, the International Monetary Fund’s head Kristalina Georgieva reported on Friday, adding that she was excited to see the world’s leaders finally understand that the epidemic is spreading only with a concerted effort.

“What I see now inspires me very much. I think that we (with world leaders) will not come out of it if we don’t fight it there, “she said.

“We need not to go … when we know it’s a huge problem now, with limited steps,” she said just minutes later. “The global economy has never stood idle. We [do] today. Today. The IMF took unprecedented steps over the last few weeks to help tackle the economic effects of COVID-19 and efforts to minimize its spread across markets all over the world. How to revitalize it is another significant issue.

On 16 March, the International Body announced that it was ‘able’ to use its $1 trillion lending potential to support the social and economic effects of the latest coronavirus in nations around the world.

She has also received humanitarian assistance from the International Monetary Fund from over 80 nations, most of which have low incomes.

Georgieva said, that the fund aims to improve its plan ‘to do more, do it more, do it quicker than ever.’ She also supported the $2.2 trilion economic package accepted by the U.S. Senate, saying ‘it is important to defend the global economy against an sudden collapse in the Economy “We know its savings and its domestic capital will not be adequate. The Containment and Relief Confidence of the IMF “will allow the poorest countries to have urgent debt relief to invest, protect, and reduce critical health services.”