The intention is to help countries face “the economic and humanitarian impact” of the coronavirus, said its managing director, Kristalina Georgieva
The International Monetary Fund (IMF) “is ready to mobilize” all its lending capacity, a trillion dollars, to help countries face “the economic and humanitarian impact” of the coronavirus, said its managing director, Kristalina Georgieva.
“As a first line of defense, the Fund can deploy its flexible and fast-disbursing toolkit to assist countries with urgent balance of payments needs,” Georgieva said in a blog.
He also stressed that “the argument for a coordinated and synchronized global fiscal stimulus is getting stronger every hour”, beyond “the positive individual measures”.
“The Fund already has 49 agreements underway – both disbursement and precautionary measures – with combined commitments of nearly $ 200 billion. In many cases, these agreements may offer another instrument with rapid delivery of funds for crisis financing,” Georgieva added.
Georgieva’s words come after the US Federal Reserve Its entire monetary arsenal was launched this Sunday, with an interest rate cut of one point to 0% and a liquidity injection of 700,000 million in assets, to try to contain the falls in the financial markets and the fear of the slowdown in the global economy.
In addition, the Fed announced a coordinated measure with the central banks of Canada, England, Japan, Switzerland and the European Central Bank (ECB), to channel more liquidity to the market through dollar exchange lines.
Despite the magnitude of these measures, the Wall Street Stock Market opened today with sharp falls, and the Dow Jones Industrials, its main indicator, registered a decline of more than 9% minutes after the opening given the rapid expansion of the pandemic .
Coronavirus cases outside China now number more than 83,000, a number that for the first time exceeds those registered in the country where the pandemic originated (currently about 81,000), according to the latest data from the World Health Organization (WHO) .
According to the updated graph on the WHO official website, the total global cases amount to about 165,000, and after China the most affected countries are Italy (24,700 cases), Iran (13,900), South Korea (8,100) and Spain. (7,700).
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