The international Monetary Fund IMF has cried out as the global economy crashes as a result of the Coronavirus pandemic, saying it is now clear we are in recession.
This was made known by the IMF Chief, Kristalina Georgieva in her opening addressed at a press briefing following the International Monetary and Financial Committee IMFC’s conference call.
Kristalina noted that there has been an extraordinary spike in requests for the organisation emergency financing as about 80 countries have placed requests and more are likely to come. This situation of having such handful of requests at the same time, according to her, has not been experienced by the IMF before. She added that the world now needs to secure borrowing capacity of fund, urging all member states to approve the New Arrangement to Borrow NABS. Read also:Â Iran Set To Seek For Financial Help From IMF For The First Time Since 1962
“We need urgently to secure the borrowing capacity of the Fund through the NABs (New Arrangements to Borrow) and bilateral borrowing arrangements. In this context, it’s very encouraging that NAB approval is part of the US stimulus package that is before the US Congress. We need other countries which have not yet done so,  to follow suit.“, part of the statement reads.
International Monetary Fund confirms the world has entered a global recession
