By Anthony Areh with additional report from New Indian Express
As coronavirus ravages the world central banks and finance ministers have taken bold steps to mitigate the effects of the pandemic and stabilise markets, but more work is needed to keep liquidity flowing among emerging markets and outside.
Therefore more than 90 countries have sought emergency funding from the International Monetary Fund (IMF) to fight the Covid-19 pandemic,
The Managing Director of IMF, Kristalina Georgieva, said that the 189-member-nation multilateral agency has indicated that it will put to use its $1 trillion war chest to help countries cope up with the ensuing crisis.
Stating that emerging markets and developing economies have been hit hard by Covid-19, Georgieva said that about $90 billion investments have already flowed out of these markets, far more than during the financial crisis.
The IMF has begun disbursing funds to requesting countries, including Rwanda, with requests from two additional African nations to be reviewed, she added.
“This is, in my lifetime, humanity’s darkest hour — a big threat to the whole world — and it requires us to stand tall, be united and protect the most vulnerable of our fellow citizens,” Georgieva said in a video interaction with media late Friday.
“This is a crisis like no other. We have witnessed the world economy coming to a standstill. We are now in recession. It is way worse than the global financial crisis of 2008- 09,” she said.
On Friday, the IMF and the World Health Organisation called for an emergency aid to strengthen health systems, pay doctors and nurses, and buy protective gear.