The world’s two biggest international financial organizations said Monday they stand ready to assist countries currently reeling from economic fallout from the coronavirus epidemic, pledging to address growing concerns surrounding the spreading virus and the global economy.
The heads of the International Monetary Fund (IMF) and the World Bank Group pledged in a joint statement to use their available services to the “fullest extent possible” to extend financial support to countries taking an economic hit due to the virus’ continual spread.
“We have rapid financing facilities that, collectively, can help countries respond to a wide range of needs,” IMF Managing Director Kristalina Georgieva and World Bank President David Malpass said in a joint statement. “The strengthening of country health surveillance and response systems is crucial to contain the spread of this and any future outbreaks.”
Both the IMF and the World Bank Group plan to offer a variety of services in their fight against the COVID-19 virus, including emergency financing and policy advice. For countries with greater vulnerability, the IMF provides grants for debt relief, which essentially forgives a portion of debt for countries owing outstanding payments to the IMF.
“International cooperation is essential to deal with the health and economic impact of the COVID-19 virus,” the statement said. “The IMF and the World Bank Group are fully committed to provide the support that people in our member countries expect from us.”
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