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IMF Admits Global Downturn and doubles the size when its Fiscal war chest

The International Monetary Fund says that the coronavirus catastrophe has caused a worldwide recession.

That meeting followed the following day before with G20 leaders.

“In actuality, there might be a sizeable rally, however only if we succeed with comprising the virus anyplace and protect against liquidity problems from turning into a solvency issue”

Though essential services and goods are still working economic action has essentially fallen off a cliff.

The IMF is likely to double its fiscal capability to relieve the crisis.

It’s asking nations in need of aid to use sooner rather than later to be able to contain the harm.

The amount of requests from nations seeking assistance from the IMF has been climbing rapidly. Fifty low-income and 31 middle-income nations have approached the Fund for crisis funding thus far.

Georgieva highlighted that the IMF is doing what to react to this outstanding health catastrophe and also help mitigate the financial fallout from it.