The Director-General of the International Monetary Fund, Kristalina Georgieva, called on various governments to "adhere to wisdom in spending Corona aids in light of the enormous needs," stressing that "governments need to invest aid money more selectively to overcome the emerging coronavirus crisis in the long term."
During her participation in an economic forum in Austria, Georgieva stressed that "governments also need to ensure the transparency and competitiveness of the procurement and public procurement system so that they do not lose the confidence of citizens," noting that "states should be more selective about whom they support."
Georgieva revealed that more than a hundred countries have requested urgent financial assistance from the IMF so far, pointing out that "the fund has committed to allocating $270 billion in its crisis program of one trillion dollars," explaining that "about 11 trillion in total have been invested in stimulus measures around the world".
She added, "when we look at the potential cost of this crisis, we at the IMF estimate it at about 11 trillion dollars during this year and next year. In other words, the world will be much poorer, and when you think about the trillion dollars (available to the Fund) in this context, yes, it is a large sum, but we have to spend it wisely because the needs are so huge."
Source (Al-Sharq Al-Awsat Newspaper, Edited)
