Economics
IMF Sees Developing Nations Needing $2.5 Trillion for Virus
- Fund has received requests or inquiries from 81 nations so far
- Malpass says World Bank projects a ‘major global recession’
Firefighters take a rest before disinfecting a street market in Yangon on March 27.
Photographer: Ye Aung Thu/AFP via Getty ImagesThis article is for subscribers only.
The International Monetary Fund said that it’s working to get aid to developing nations whose own resources will fall short of the $2.5 trillion that they need to address the coronavirus pandemic.
The fund has received inquiries or requests for aid from 50 emerging nations and 31 middle-income countries, Managing Director Kristalina Georgieva said in a webcast briefing Friday. She said the world economy is already in a recession that will be as bad or worse than the 2009 downturn and reiterated the IMF’s willingness to put its $1 trillion in resources to work.