The International Monetary Fund (IMF) will discuss a crisis response package to address the global economy's disruptions caused by the novel coronavirus (COVID-19) pandemic, IMF Managing Director Kristalina Georgieva and International Monetary and Financial Committee (IMFC) Chair Lesetja Kganyago said in a statement on Friday
WASHINGTON (Pakistan Point News / Sputnik - 27th March, 2020) The International Monetary Fund (IMF) will discuss a crisis response package to address the global economy's disruptions caused by the novel coronavirus (COVID-19) pandemic, IMF Managing Director Kristalina Georgieva and International Monetary and Financial Committee (IMFC) Chair Lesetja Kganyago said in a statement on Friday.
"These issues will be discussed by the IMF's Executive board in the coming weeks with a view to bringing a strong package of measures for the IMFC's consideration at the Spring Meetings," Georgieva and Kganyago said. "Our common goal is to make the IMF's crisis response even more effective in helping its members achieve a faster and stronger recovery."
The two officials warned that low-income countries will face the most severe effects of the COVID-19 pandemic .
"Emerging market and developing countries, especially low-income countries, will be particularly hard hit by a combination of a health crisis, a sudden reversal of capital flows and, for some, a sharp drop in commodity prices," they said.
Georgieva and Kganyago said the IMF as well as member states should take strong and coordinated policy actions, including at the multilateral level.
The measures should go beyond IMF's traditional lending facilities and the Fund will explore additional options to help members that experience foreign exchange shortages, Georgieva and Kganyago said.
