The Managing Director of the International Monetary Fund, Kristalina Georgieva indicated during the phone conference of the finance ministers and central bankers of the G20, that mankind has suffered huge losses so far due to the pandemic of the Coronavirus and all countries of the world must work together to protect their people and reduce economic damage.
She added: "The time has come for solidarity, and this is the main theme of the G20 finance ministers and central bankers meeting."
Georgieva talked about the prospects for global growth for the year 2020, revealing that growth will be negative during this year, "at the very least, a recession is expected to be as bad as it was during the global financial crisis or worse, but we expect recovery in 2021, and to achieve this goal it is extremely important to prioritize containment and health systems - everywhere. The economic impact is already severe and will remain so, but the sooner the virus stops spreading, the faster and more solid the recovery will become."
She concluded: We are going through exceptional circumstances. There are many countries that are already taking unprecedented action, and we at the International Monetary Fund, in cooperation with our member countries, will do the same. Let us unite during this emergency crisis to support all people around the world.
Source (London Arab newspaper, Edited)
