The COVID-19 pandemic will have a much greater impact on the global economy than the financial crisis of 2007-2008, International Monetary Fund (IMF) Executive Director Kristalina Georgieva said. He added that the organization he leads is ready to open the “one trillion military dollars”, which is the IMF’s special reserve for use in wartime.
Speaking at a press conference organized by the World Health Organization, Georgieva called the COVID-19 epidemic an unprecedented crisis, writes Svoboda.org.
“This crisis has no analogues. Never in history have we noticed a stoppage of the global economy,” the head of the IMF emphasized. “We have entered a period of recession,” Georgieva said.
Just as a deadly disease affects weakened people, an economic crisis affects weakened economies, Kristalina Georgieva said.
“We have $1 trillion (930 billion euros) in the War Reserve Fund, and we are determined to use as much of it as necessary to protect the economy from the shocks of this crisis,” the IMF chief said.
He noted that more than 90 countries have already applied to the Fund for urgent assistance.
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