Coronavirus, a problem in need of global response - IMF, World Bank chiefs

The International Monetary Fund, IMF and World Bank Group on Wednesday announced additional measures to curtail the impact of the coronavirus on the world’s economy and health.

“We know the disease is spreading quickly with over one-third of our membership affected directly. This is no longer a regional issue. It is a global problem calling for a global response,” Kristalina Georgieva, Managing Director, IMF said.

The IMF and World Bank have announced the immediate availability of over $60 billion in resources to member states.

David Malpass, President, World Bank Group, on his part stressed the need for concerted efforts in the wake of the epidemic: “It’s a 12-billion-dollar package of which 6 billion dollars is IBRD and IDA, and that enables and allows special protection for poor countries.

“And then there’s also 6 billion dollars from the International Finance Corporation. That’s critical because it’s private sector financing, it’s fast acting and it takes the form of trade finance and working capital finance, which are some of the most needed services that can be provided during this crisis.”

The World Bank Group aims to help developing countries which are particularly vulnerable to the coronavirus outbreak with additional packages and measures, Malpass added.