IMF says world already in recession, emerging markets need $2.5 trillion

 IMF says world already in recession, emerging markets need IMF says world already in recession, emerging markets need $2.5 trillion.5 trillion

WASHINGTON (Reuters) - The coronavirus has already plunged the global economy into recession, IMF Managing Director Kristalina Georgieva said on Friday, adding immense pressure on emerging markets suffering from lost commerce, reduced exports and massive capital outflows.

Georgieva told a news conference that emerging market countries need at least $2.5 trillion in financial resources to get through the pandemic. Internal reserves and borrowing in local markets will be insufficient to cover these needs, so substantial funding from the IMF, other institutions and bilateral creditors will be necessary.

(Reporting by David Lawder; Editing by Chizu Nomiyama)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: Mar 28, 2020 00:07:44 IST



Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

CORONAVIRUS

COVID-19 Information Centre

  • 24 hrs. helpline no. -
  • +91-11-23978046
  • 24 hrs. toll free no. -
  • 1075

India

  • Active Cases

  • Total Confirmed

  • Cured/Discharged

  • Total DEATHS

*change over the previous day
Data Source: Ministry of Health and Family Welfare, India
Updated: Jun 05 (08 AM)
Hospitals & Testing centres

World

  • Active Cases

  • Total Confirmed

  • Cured/Discharged

  • Total DEATHS

*change over the previous day
Data Source: Johns Hopkins University, U.S. (www.jhu.edu)
Updated: Jun 05 (08 AM)
Hospitals & Testing centres