{"id":21898,"date":"2020-04-15T08:09:29","date_gmt":"2020-04-15T07:09:29","guid":{"rendered":"http:\/\/thefreezonechannel.com\/?p=21898"},"modified":"2020-04-15T08:09:29","modified_gmt":"2020-04-15T07:09:29","slug":"imf-calls-for-multilateral-cooperation-on-medicine-supplies","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/imf-calls-for-multilateral-cooperation-on-medicine-supplies\/","title":{"rendered":"IMF calls for multilateral cooperation on medicine, supplies"},"content":{"rendered":"\n<p><strong>By Tanko&nbsp;&nbsp;Mohammed<\/strong><\/p>\n\n\n<p>The International Monetary Fund (IMF) has called for multilateral cooperation on medicines and other essential supplies to help tame the COVID-19 pandemic.<\/p>\n\n\n<p>The IMF made the call in its April 2020 World Economic Outlook released on Tuesday.<\/p>\n\n\n<p>The IMF explained that addressing the coronavirus pandemic was therefore required significant multilateral cooperation, including avoiding trade restrictions particularly on medicines and other essential supplies with a view to help financially constrained countries with limited health care capacity.<\/p>\n\n\n<p>It stated that such cooperation would help by providing such countries equipment and medical expertise financed through grants and zero-interest emergency loans.<\/p>\n\n\n<p>\u201cCountries confronting the twin crises of health and external funding shocks, for example, those reliant on external financing, or commodity exporters dealing with the plunge in commodity prices may additionally need bilateral or multilateral assistance to ensure that health care spending is not compromised in their difficult adjustment process.<\/p>\n\n\n<p>\u201cThe IMF, with one trillion dollars in available resources, is actively supporting vulnerable countries through various lending facilities.<\/p>\n\n\n<p>\u201cThe recent doubling of access limits of the IMF\u2019s emergency financing facilities will allow the IMF to meet an expected demand of 100 billion dollars in emergency financing, provided through the Rapid Credit Facility and the Rapid Financing Instrument, of which the former is only for low-income countries.<\/p>\n\n\n<p>\u201cThe Catastrophe Containment and Relief Trust can currently provide about 500 million dollars in grant-based debt service relief, including the recent 185 million dollars pledge by the UK and 100 million dollars provided by Japan as immediately available resources.<\/p>\n\n\n<p>\u201cOfficial bilateral creditors have been called upon by the IMF managing director and the World Bank Group president to suspend debt repayment from International Development Association countries that is, those with gross national income per capita below 1,175 dollars in 2020 that request forbearance.<\/p>\n\n\n<p>\u201cThis would help with their immediate liquidity needs to address the challenges of the pandemic. Policies for the Recovery Phase Once the pandemic abates and containment measures are lifted, the policy focus will need to shift to rapidly moving to recovery, while scaling back special targeted measures deployed during the shutdown and ensuring debt overhangs do not weigh on economic activity.<\/p>\n\n\n<p>\u201cThis will require efforts at the national level and continued strong multilateral cooperation. There is still substantial uncertainty on how long it will take for economic activity to normalise and the policy challenges will be much more severe in a scenario with more protracted dislocation from the pandemic\u201d it explained.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Tanko&nbsp;&nbsp;Mohammed The International Monetary Fund (IMF) has called for multilateral cooperation on medicines and other essential supplies to help tame the COVID-19 pandemic. The IMF made the call in its April 2020 World Economic Outlook released on Tuesday. The IMF explained that addressing the coronavirus pandemic was therefore required significant multilateral cooperation, including avoiding [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":21271,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[126],"tags":[],"class_list":["post-21898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade-and-industry","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IMF calls for multilateral cooperation on medicine, supplies - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/imf-calls-for-multilateral-cooperation-on-medicine-supplies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF calls for multilateral cooperation on medicine, supplies - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"By Tanko&nbsp;&nbsp;Mohammed The International Monetary Fund (IMF) has called for multilateral cooperation on medicines and other essential supplies to help tame the COVID-19 pandemic. 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