The International Monetary Fund (IMF) has raised an alarm that the global economy has moved into a recession and that developing countries would be more hit.
The boss of the Washington-based lender, Kristalina Georgieva, said today, March 27 that the developing countries would need colossal financial stimulus to resist current ravaging coronavirus pandemic.
“It is clear that we have entered a recession” that will be worse than in 2009 following the global financial crisis, Mrs. Georgieva said during an online media briefing.
She put the estimated financial intervention needed by emerging markets at this time at $2.5 trillion.
Georgieva nevertheless said “we believe this is on the lower end.”
More than 80 nations have approached the IMF for emergency aid.