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IMF admitted the oncoming recession

Economy
27.03.2020
174
IMF admitted the oncoming recession

The coronavirus has brought the world economy into recession, Kristalina Georgieva, head of the International Monetary Fund, told CNBC, Forbes reports. She is confident that the duration of the recession will depend on two factors: the actions of governments and the effect of these measures.

Georgieva recommended the authorities of the states to introduce measures aimed at the spread of coronavirus more decisively. She is sure that a “gigantic” crisis is impending on the economy, so partial solutions won’t be enough.

In her last speech, she said that emerging economies need at least $2.5 trillion to overcome the coronavirus. The countries’ own savings and loans in local markets will be insufficient, therefore additional financing from the Fund, as well as other lenders, will be required.

In addition, the International Monetary Fund announced its readiness to issue loans in the amount of about $1 trillion to those states that are facing humanitarian and financial difficulties.

Author:Елена

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