Coronavirus outbreak could cause global recession, International Monetary Fund warns

IMF projects negative global growth for 2020, recovery in 2021

IMF projects negative global growth for 2020, recovery in 2021

"These are hard times for all, especially for the poorest and most vulnerable", Malpass made the remarks at the Group of Twenty (G20) finance ministers and central bank governors' conference call on the COVID-19 pandemic.

He stated: "This is a moment for solidarity, which was a major theme of the meeting today of the G20 Finance Ministers and Central Bank Governors". The IMF is working carefully with the World Financial institution to supply loans to them.

"The outlook for global growth is negative for 2020, and perhaps a worse recession is expected, as in the time of the global financial crisis".

Advanced economies were normally in much better shape to handle the crisis, however numerous emerging markets and low-income countries handle considerable challenges, including external capital circulations.

"Investors have already removed $83bn from emerging markets since the beginning of the crisis, the largest capital outflow ever recorded".

"Furthermore, G20 finance ministers and governors discussed ways for stepping up coordinated efforts by bilateral and multilateral creditors to address the risks of debt vulnerabilities, especially in low-income countries, amid the Covid-19 pandemic", Saudi Arabia said in a press statement.

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The IMF called again on members to contribute funds to replenish its Catastrophe Containment and Relief Trust, established in February 2015, to help the poorest countries.

"But we expect recovery in 2021", she said.

The IMF said it's ready to lend its entire $1 trillion war chest to help countries get things under control - and it's clearly optimistic about the effect of its contribution, having projected a rebound in growth for the global economy in 2021.

The IMF is now exploring and suggesting other options including requests for special drawing rights allocation for low and middle-income countries, akin to those during the global crisis and the establishment of more bilateral swap lines with emerging market countries. The arrival of the virus in Europe and the U.S. has made things worse in financial markets and emerging markets are paying part of the bill.

Georgieva mentioned the International Monetary Fund was checking out other options with its members.

More countries are imposing lockdown measures to contain the virus, which has infected more than 380,000 people across the world and killed over 16,500. The price of WTI crude was reduced by 30 dollars per barrel due to Corona virus due to decrease in the market of US Federal Reserve and other countries and due to huge reduction in China's production. The fund said it's also exploring a possible proposal that would help facilitate a broader network of swap lines, including through an IMF-swap type facility. "Let us stand together through this emergency to support all people across the world", concluded the statement.

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