The International Monetary Fund (IMF) has highlighted 4-point plan that will help protect global economy from the effect of the Coronavirus pandemic which has affected over a million people globally with over 91,828 dead and over 300,000 recovered from the virus.
In a document titled- Confronting the Crisis: Priorities for the Global Economy, Managing Director of IMF, Kristalina Georgieva, said barely three months ago, the IMF expected positive per capital income growth in over 160 member countries in 2020, but with the COVID-19 pandemic, the number has been turned on its head.
“Today, that number has been turned on her its head: we now project that over 170 countries will experience negative per capital income growth this year,” she added.
The IMF boss said the body is working on a 4-point plan to prevent a global meltdown.
Ms. Georgieva said: “Lifelines for households and businesses are imperative. We need to prevent liquidity pressures from turning into solvency problems and avoid a scarring of the economy that would make the recovery so much more difficult.”
She said the first one is to continue with essential containment measures and support for health systems. Others are to shield affected people and firms with large, timely, targeted fiscal & financial sector measures, reduce stress to the financial system and avoid contagion, and a plan for a recovery phase, minimizing the potential scarring effects of the crisis.
“We have $1 trillion in lending capacity and are placing it at the service of our membership. We are responding to an unprecedented number of calls for emergency financing—from over 90 countries so far. Our Executive Board has just agreed to double access to our emergency facilities, which will allow us to meet the expected demand of about $100 billion in financing.”
Georgieva also said the world finance body is reviewing its tool kit, and working with donors to increase its catastrophe containment and Relief Trust to $1.4 billion.
“Together with the World Bank, we are calling for a standstill of debt service to official bilateral creditors for the world’s poorest countries,” she added.
About Article Author
Latest Nigeria News
- BREAKING: Chelsea fans jubilate with Frank Lampard on Timo Werner’s move to Stamford Bridge
- Ex- Senate leader vows vengeance for late Barakat Bello
- Sahara Reporters, others shun Lagos Assembly adhoc committee invitation
- Casual workers, another form of ‘modern day slavery’ – NLC
- Importers, agents decry Customs service failure at Tin Can Port
- NIWA faults Lagos Attorney General on waterways jurisdiction
- NPA donates computers to Nigerians in diaspora
- Lagos releases new dates for re-opening of churches, mosques
- Directors, others jostle for vacant federal civil service positions
- Another Nigerian top celebrity in rape scandal
- Nigeria’s foreign reserves jumps as oil nears $40
- U.S retaliates, bars Chinese airlines from entering country
- Nigeria’s Bonny Light inches closer to $40
- Covid-19: More than 1000 die of infection in 24 hrs
- Enough of self-pity Southern Kaduna
- Dbanj accused of rape
- How Dbanj raped me — Victim
- SERAP drags Buhari, NASS to UN over cuts in health, UBE budgets
- Protest looms over governors’ refusal to open churches, mosques after PTF order
- Fresh bloodbath in Southern Kaduna, suspected Fulani Herdsmen slaughter 16 women, children in rural community
- COVID-19 hits hard on banks ad impression
- Chairman of covid-19 task force tests positive
- Uncertainty forces Naira down against US Dollar
- Lagos Assembly set to re-order Y2020 budget
- Obasa mourns Senator Muse demise, condoles family members
- Military arrest fake soldiers in Delta
- Sen Dino Melaye puts Gov Yahaya Bello, APC on fresh hot seat
- Buhari reassures Adesina, AfDB President, of support
- Floyd: White man arrested along with Floyd speaks out
- AfDB: No shaking! Adesina assured of Buhari’s word to moblisie Africa for second term
- What Buhari told Adesina about his re-elections bid at AfDB
- President Buhari gets Senate approval to borrow $5.513bn
- New pump price of fuel is fraud, here is why, says PDP
- Mrs. Okowa at 59, seeks God’s gift for 120 years
- Freedom for Orji Kalu at last
- Crude oil prices appreciate as investors remain optimistic over cut
- FRSC spokesman, Bisi Kazeem, others decorated with new ranks
- Football fans react as NFF President Amaju Pinnick blows hot on Nigerian football
- Latest: Why Sanwo-Olu keeps churches, mosques closed after FG lifted restrictions
- Lagos Assembly says financial autonomy key for a virile nation